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New Delhi: The Delhi High Court has granted interim protection from arrest till July 5. M3M Group owners Basant Bansal And Pankaj Bansal In a money laundering case involving a real estate firm IREO, A vacation bench of Justice Chandra Dhari Singh said that in case of arrest, the owners of the Gurugram-based realty company will be granted bail with certain conditions on a personal bond of Rs 10 lakh each and two sureties of the same amount. ,
The matter, which came on separate anticipatory bail petitions by Basant Bansal and Pankaj Bansal, is being probed. Enforcement Directorate (Ed).
“In the event of any arrest of the applicant, he shall be released on bail on furnishing of a personal bond of Rs 10,00,000 and two sureties of like amount to the satisfaction of the investigating agency,” the court said. Its orders were passed on 9 June.
“The totality of the matter, the facts being that the applicant has not been named in the ECIR (Enforcement Case Information Report) and the respondent has not yet been able to implicate the applicant in any scheduled offense under the PMLA. In the interest of justice- Also considering the mandate of Article 21 of the Constitution of India, this Court is of the considered opinion that the applicant may be granted interim protection till the next date of hearing,” it said.
It also said that Lalit Goyal, the “primary accused” and promoter of IREO Group, has already been granted regular bail.
The court granted time till July 5 to the ED to file the status report and other documents in response to the pre-arrest bail pleas.
ED opposes anticipatory bail pleas of M3M group owners.
The agency had arrested the director of M3M last week. Roop Kumar Bansal In connection with the investigation against IREO and M3M groups for “diverting, siphoning (off) and misappropriation of investors’ and customers’ funds”.
On June 1, the ED had conducted searches against the M3M group and its directors as well as IREO in Delhi and Gurugram.
It later alleged in a press statement that the owners, controllers and promoters of M3M Group – Basant Bansal, Roop Kumar Bansal, Pankaj Bansal – and other key persons deliberately avoided investigation during the raids.
The agency has alleged that “hundreds of crores of rupees were siphoned off through the M3M group” in this case.
The ED has said that in one transaction, the M3M group received around Rs 400 crore from IREO through several shell companies with multiple layers.
It said that its investigation found that five shell companies were operated by the M3M group.
The agency has alleged that these shell companies immediately sold the development rights of the land to IREO for about Rs 400 crore and after receiving the amount, the five shell companies immediately transferred it to M3M Group through other shell companies.
The ED has been probing IREO for the last few years on charges of diversion, siphoning off and embezzlement of investors’ and customers’ funds.
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