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The Enforcement Directorate has arrested M3M promoter Basant Bansal, days after they arrested his brother Roop Bansal in a cash laundering case. The ED is probing the agency for allegedly diverting, siphoning of and misappropriating funds. The company has detected cash laundering of over Rs 400 crore by the M3M Group and the IREO Group.
Basant Bansal’s arrest comes after the Delhi Excessive Courtroom granted him interim safety from arrest until July 5, together with Pankaj Bansal. The court docket mentioned that in case of an arrest, he can be granted bail, topic to sure situations and a private bond of Rs 10 lakh. The court docket’s orders got here on separate anticipatory bail purposes by Basant Bansal and Pankaj Bansal within the case being probed by ED.
In the meantime, Roop Bansal was arrested days prior, following ED searches at seven places in Delhi and Gurugram belonging to the true property builders.
A number of FIRs have been registered in opposition to the IREO Group, which prompted the ED to analyze the matter. It was then alleged by the company that an enormous amount of cash, operating into tons of of crores, was siphoned off via M3M Group.
Additionally learn: ED arrests M3M India promoter Roop Bansal in PMLA case
The ED acknowledged that M3M Group obtained Rs 400 crore from IREO Group via a number of shell firms in a number of layers that the latter confirmed as funds via improvement rights. The land belonged to M3M Group for a market worth to Rs 4 crore. It offered the rights of the lands to 5 shell firms, that it mentioned had been unrelated firms, for a fee of Rs 10 crore. Additional investigation into the matter revealed that the shell firms had been operated by M3M Group, the company mentioned.
The shell firms then offered the event rights of the identical land to IREO Group for about Rs 400 crore, which was instantly transferred. After receiving the quantity, the shell firms transferred the quantity to M3M Group.
“All of the shell firms had been owned and operated by M3M Group below the instructions of its promoters Basant Bansal and Roop Kumar Bansal and his relations,” the company acknowledged.
The company added that the businesses siphoned off Rs 400 crore belonging to buyers and prospects, whereas the proceeds of the crime remained with the M3M Group and was used for different investments and to repay liabilities.
IREO by no means developed the land and began to put in writing off the investments yearly, ED acknowledged.
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