homebusiness Newscompanies NewsED arrests M3M group's promoter Roop Kumar Bansal in money laundering case
ED arrests M3M group's promoter Roop Kumar Bansal in money laundering case
In connection with a money laundering investigation, the Enforcement Directorate (ED) has detained a director of the Gurugram-based real estate firm M3M, according to official sources on Friday.
In connection with a money laundering investigation, the Enforcement Directorate (ED) has detained a director of the Gurugram-based real estate firm M3M, according to official sources on Friday.
In accordance with the Prevention of Money Laundering Act (PMLA), Roop Kumar Bansal was apprehended on Thursday, they claimed.
On June 1, the federal investigation agency conducted searches at seven locations in Delhi and Gurugram on the M3M group and its directors as well as against IREO, another real estate business.
Later, it claimed in a press release that the M3M Group's owners, controllers, and promoters—Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other significant individuals—deliberately evaded questions during the searches.
Following the searches, M3M directors, including Bansal, had petitioned the Delhi High Court to drop the ED case and summonses issued to them, claiming they had not engaged in any crime, sources said.
The agency announced on Monday that during the searches on the two groups, it confiscated 17 high-end vehicles, including a Ferrari, Lamborghini, and Bentley, valued at Rs 60 crore, as well as gold worth Rs 5.75 crore.
The agency has been investigating the IREO group for the last few years on charges of diverting, siphoning and misappropriating funds of investors and customers. It was later found that "huge amounts of money running into hundreds of crores were siphoned off through the M3M Group too".
"In one of the transactions, M3M group received about Rs 400 crore from IREO Group through several shell companies in multiple layers. The transactions were shown in the books of IREO as payments towards development rights.
"The land was owned by M3M group and the market value of the land was around Rs 4 crore," the ED alleged.
(With inputs from PTI)
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