The Enforcement Directorate (ED) has provisionally attached properties worth ₹58.93 crore belonging to IREO group of companies and others in connection with a money laundering case involving alleged proceeds of crime amounting to ₹1,780 crore.
The agency’s investigation is based on multiple first information reports registered with police stations in Gurugram, Panchkula, Ludhiana and Delhi against the real estate company, its affiliates, its directors, key management personnel and others.
According to ED, the accused defrauded the buyers by promising to implement projects including apartments, plots, commercial spaces, etc. The projects were not implemented and the money was not returned to the buyers. The directors of the company, in concert with certain other persons, siphoned off funds and transferred them abroad in various ways, granted loans and advances to related entities/persons and provided excessive incentives and advances to key executives.
The agency said buyers’ investments were also diverted to other companies identified during the investigation.
In this connection, the prosecutor arrested Lalit Goyal (IREO group) and Roop Bansal (M3M group) on November 16, 2021 and June 8, 2023. She filed a prosecutor’s complaint dated January 14, 2022 and a supplementary prosecutor’s complaint dated August 4 2023
