New Delhi: The Enforcement Directorate (ED) on Friday arrested Roop Bansal, the promoter of real estate giant M3M group, for alleged money laundering. The arrest comes a day after the investigative agency carried out searches at 7 locations in Delhi & Gurugram, belonging to 2 real estate firms namely M3M Group & IREO group.
The money laundering probe was initiated, after multiple FIRs were lodged against the IREO group for alleged diversion & misappropriation of funds belonging to real estate investors. The ED in its probe also said that a large sum of money was embezzled by the firm and crores of rupees were also siphoned off via M3M group.
According to officials, the investigative agency has reportedly found money laundering to the tune of Rs 400 between IREO Group and M3M Group.
Reports suggest that the probe agency found intricate network of shell companies were formed by the groups to launder money.
The matter reportedly pertains to a land by M3M group, whose market value was estimated at Rs 4 crore.
“M3M Group sold the development rights of the land piece to 5 shell companies for Rs 10 crore. Our probe found that all these companies were operated by M3M Group,” ED said in its report.
These shell companies purportedly sold this land to IREO group for Rs 400, giving the latter development rights. After receiving payment from IREO group, Rs 400 crore was transferred from shell firms to M3M group, the findings said.
Imported cars worth Rs 60 crore seized
A day ago, the ED sleuths raided multiple premises of the two groups and seized more than 17 super luxury vehicles. This included Ferrari, Lamborghini, Land Rover, Rolls Royce, Bentley, Mercedes Maybach, etc and their valuation stood at whopping Rs 60 crore. Jewellery worth Rs 5.75 crore was also seized.
