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New Delhi: The Enforcement Directorate The Enforcement Directorate (ED) has arrested a director of Gurugram-based realty company M3M in a money laundering probe, official sources said on Friday. Roop Kumar Bansal detained under Prevention of Money Laundering Act (PMLA) on Thursday, he said.
On June 1, the Federal Investigation Agency conducted raids against M3M Group and its directors as well as IREO, another real estate group, in Delhi and Gurugram,
It later alleged in a press statement that the owners, controllers and promoters of the M3M Group – Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key persons – deliberately avoided investigation during the raids.
Sources indicated that the directors of M3M, including Bansal, had filed a petition in the Delhi High Court seeking quashing of the ED case and summons issued to them, stating that they were involved in any wrongdoing. are not.
The agency said on Monday that it has seized the luxury cars. Ferraris, Lamborghinis and Bentleys worth Rs 60 crore and jewelery worth Rs 5.75 crore were also seized during the raid.
The agency has been probing the IREO group over the past few years for alleged diversion, dishonesty and misappropriation of investors’ and clients’ funds. Later it was found that “a huge amount of crores of rupees was embezzled through the M3M group also”.
“In one of the transactions, M3M group received around Rs 400 crore from IREO group through multiple shell companies in multiple layers. The transaction was shown in the books of 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.
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