New Delhi [India]June 9 (ANI): The Enforcement Directorate (ED) on Thursday arrested Roop Kumar Bansal, director of real estate company M3M. ED officials said Bansal has been arrested under the Prevention of Money Laundering Act (PMLA).
This comes after the enforcement agency carried out search operations on June 1, 2023 at 07 locations in Delhi and neighboring Gurugram related to IREO group and M3M group on charges of diversion, dishonesty and misappropriation of funds.
The investigation was initiated on the basis of several FIRs registered against the IREO group. The investigation carried out by the ED has revealed that huge amounts of hundreds of crores of rupees were siphoned off through the M3M group as well.
The investigation by the ED revealed that in one transaction, the M3M group received around Rs 400 crore from the IREO group through several “shell companies” in multiple layers.
“After receiving an amount of Rs. 400 crores from IREO Group, 5 shell companies immediately transferred the said amount to M3M Group through several shell companies and 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. In this way, IREO and M3M defrauded about Rs 100 crore. 400 crore belonging to investors/customers and the proceeds of crime remained with the M3M group, which was used by M3M to pay off other investments/liabilities,” the ED had earlier said in a release on June 5.
“The IREO group, on the other hand, made no effort to develop the land and started writing off the investment every year.”
The ED also said that the owner or controller or promoter of M3M Group – Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key persons – deliberately evaded investigation.
During the search operation, 17 high-end luxury vehicles worth about Rs 60 crore, jewelery and bullion worth Rs 5.75 crore, Rs 15 lakh in cash and various incriminating documents, digital evidence and books of accounts were seized, the June 5 release said Has gone. (ANI)
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