[ad_1]
New Delhi: The ED on Monday said it has seized luxury cars including Ferrari, Lamborghini and Bentley worth Rs 60 crore and jewelery worth Rs 5.75 crore during raids on real estate companies. IREO And m3m In the investigation of money laundering. The federal agency said in a statement that searches were conducted at seven of his locations in Delhi and Gurugram on June 1.
owner, controller and promoter of M3M Group The ED alleged that during the raids, Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other prominent persons deliberately evaded investigation.
agency is investigating IREO Group Accused of diverting, siphoning off and embezzling investors’ and customers’ funds over the years, and later it was found that “a huge amount of money amounting to hundreds of crores of rupees was siphoned off”. M3M Group Very”.
“In one of the transactions, m3m The group got around Rs 400 crore IREO Group In many layers through many shell companies. was shown in the books of transactions IREO As payment for development rights.
“The land belonged to the M3M group and the market value of the land was around Rs 4 crore,” the ED alleged.
The agency said it has seized 17 high-end luxury vehicles such as Ferrari, Lamborghini, Land Rover, Rolls Royce, Bentley, Mercedes and Maybach with an acquisition value of around Rs 60 crore. It also seized jewelery and bullion worth Rs 5.75 crore, Rs 15 lakh in cash and various “incriminating documents” and ledgers during the raids.
The agency alleges that M3M Group initially sold the development rights of the said land to five shell (suspicious) companies for Rs 10 crore.
“It was claimed that the five companies are unconnected. Investigation reveals that these shell companies were operated by the M3M group. Thereafter the five shell companies immediately sold the development rights of the same land to the IREO group for about Rs 400 crores. Given.”
The agency said that after receiving an amount of Rs 400 crore from the IREO group, the shell companies immediately transferred the said amount to the M3M group using multiple layers.
“All the shell companies were owned and operated by the M3M group under the direction of its promoters Basant Bansal and Roop Kumar Bansal and their family members. IREO and M3M thus defrauded investors/customers and the company to the tune of approximately Rs 400 crores The proceeds of crime remained with the M3M group which was used by M3M to pay off other investments/liabilities.
The ED alleged that the IREO group made no effort to develop the land and started “writing off” the investment every year.
[ad_2]
Source link