The Enforcement Directorate (ED) has provisionally attached properties worth ₹58.93 crore belonging to the IREO Group of companies and others in connection with a money laundering case involving the alleged proceeds of crime to the tune of ₹1,780 crore.
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The agency’s investigation is based on multiple First Information Reports registered at police stations in Gurugram, Panchkula, Ludhiana, and Delhi against the real estate company, associated entities, its directors, key managerial staff, and others.
According to the ED, the accused duped buyers by promising to deliver projects involving flats, plots, commercial spaces, etc. The projects were neither executed nor the money returned to buyers. The company’s directors, in connivance with certain other persons, siphoned off funds and transferred money abroad using various means, extended loans and advances to associated entities/persons, and gave excessive incentives and advances to key managerial persons.
The buyers’ investments were also diverted to other companies, which were identified during the investigation, the agency said.
The ED arrested Lalit Goyal (IREO Group) and Roop Bansal (M3M Group) on November 16, 2021, and June 8, 2023, in this connection. It filed a prosecution complaint dated January 14, 2022, and a supplementary prosecution complaint dated August 4, 2023.