ED arrests M3M group director Roop Kumar Bansal in money laundering case
ED arrests M3M director: The Enforcement Directorate on Thursday arrested M3M director Roop Kumar Bansal in a money laundering case.
ED arrests M3M group director: Taking action against the director of Gurugram-based realty company M3M, the Enforcement Directorate (ED) has arrested Roop Kumar Bansal in a money laundering case. The officials on Friday informed that Bansal was taken into custody under the Prevention of Money Laundering Act (PMLA) on Thursday.
M3M group director arrested
Earlier on June 1, ED carried out raids in Delhi and Gurugram against the M3M group and its directors, as well as against IREO, another real estate group.
A major turn in the case took when the federal probing agency later in a press statement alleged that the owners, controllers and promoters of the M3M Group deliberately avoided investigations during the raids.
M3M directors filed a petition
As per the sources, following the searches, M3M directors, including Bansal, had filed a petition in the Delhi High Court to quash the ED case and summons issued to them, saying they have not indulged in any wrongdoing, sources indicated.
As per a report of PTI, the agency has been investigating the IREO group for the last few years on charges of diverting, siphoning and misappropriating funds of investors and customers. It was later found that "huge amounts of money running into hundreds of crores were siphoned off through the M3M Group too".
M3M group received about Rs 400 crore from IREO Group
"In one of the transactions, M3M group received about Rs 400 crore from IREO Group through several shell companies in multiple layers. The transactions were shown in the books of IREO as payments towards development rights. "The land was owned by M3M group and the market value of the land was around Rs 4 crore," the ED alleged.