The Enforcement Directorate (ED) has arrested Roop Kumar Bansal, a director of M3M. He is a real estate business situated in Gurugram, according to official sources reported by news agency PTI. Furthermore, the arrest was made on Thursday in accordance with the requirements of the Prevention of Money Laundering Act (PMLA) as part of an ongoing money laundering investigation.
According to the PTI report, the ED conducted searches on the premises of the M3M group. This included its directors and IREO, another real estate business, in Delhi and Gurugram on June 1.
Petition Filed By M3M Group
In a following press announcement, it was stated that the M3M Group’s owners, controllers, and promoters, particularly Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other significant personnel, willfully evaded the raids’ investigations.
Following the searches, the directors of M3M, including Bansal, filed a petition in the Delhi High Court seeking to overturn the ED case and summons issued to them. According to the sources, they maintained their innocence and denied engaging in illegal actions.
Investigation Details
The Enforcement Directorate (ED) has been investigating the IREO group for several years. It focused on claims of diverting, siphoning, and misappropriating funds belonging to investors and consumers. During the inquiry, it was determined that large sums of money were also transferred illegally through the M3M Group. The ED discovered evidence that the M3M Group was implicated in the same financial irregularities as the IREO Group, prompting further investigation into their financial activities.
The enforcement agency announced on Monday that it had confiscated luxury cars worth Rs 60 crore. This included a Ferrari, Lamborghini, and Bentley and jewelry worth Rs 5.75 crore during raids on both the M3M and IREO organizations. These significant assets were seized during the continuing investigation, implying probable links to financial fraud and money laundering.
Approximately Rs 400 crore was transferred in a big transaction between the M3M group and the IREO group. This transfer took place via a complicated network of many shell corporations. In their accounts, the IREO group reported these transactions as payments for development rights.
However, the ED, on the other hand, said that the land involved in these transactions genuinely belonged to the M3M group and was worth roughly Rs 4 crore. This disparity in valuation raises concerns about possible financial irregularities and fraudulent practices.
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