The Directorate of Enforcement (ED) announced on March 26 that it has attached immovable assets worth Rs 124.5 of several companies belonging to Gurugram-based realty company M3M Group in a money laundering investigation against Religare Finvest Ltd.
The properties sprawling 430 acres, belonging to RS Infrastructure, Kenwood Mercantile, and Goodfaith Builders, are in the form of land and farmhouses located in "posh" areas of Gurugram and Delhi.
The ED said the partnership firm M3M India Holdings having partners namely Roop Kumar Bansal, Basant Bansal, Abha Bansal and Pankaj Bansal, inflated the valuation of land owned by RS Infrastructure Pvt Ltd. And it sold the overpriced shares for about Rs 726 crore to Lowe Realty Pvt Ltd, currently known as Lowe Infra and Wellness Pvt Ltd.
The ED investigation revealed that Lowe Realty Pvt Ltd had allegedly borrowed the money from the Religare Group. The agency said further investigation is under progress.
ED had earlier attached properties belonging to RS Infrastructure Pvt, and Malvinder Mohan Singh in 2020 and 2021.
In June 2023, the ED arrested Roop Kumar Bansal, one of the directors of M3M, in a money laundering investigation under the Prevention of Money Laundering Act (PMLA). On June 1, the federal probe agency carried out raids against the M3M group and its directors as well as against IREO, another real estate group, in Delhi and Gurugram.
The agency seized luxury cars, including a Ferrari, Lamborghini and Bentley, worth Rs 60 crore as well as jewellery valued at Rs 5.75 crore during the raids on the two groups.
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