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ED searches 7 locations of IREO Group and M3M Group in Delhi, Gurugram

The ED says it has seized luxury cars worth Rs 60 crore, including those of Ferrari, Lamborghini and Bentley, and jewellery valued at Rs 5.75 crore during raids related to a money laundering investigation

June 06, 2023 / 07:10 IST
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The investigations done by the ED showed that in one of the transactions, M3M Group received about Rs 400 crore from IREO Group through several shell companies in multiple layers.

The Enforcement Directorate (ED) has carried out search operations at seven locations belonging to IREO Group and M3M Group in Delhi and Gurugram for diverting, siphoning off or misappropriating funds, the investigation agency said on June 5.

The ED said it has seized luxury cars worth Rs 60 crore, including those of Ferrari, Lamborghini and Bentley, and jewellery valued at Rs 5.75 crore during raids on real estate companies IREO and M3M in connection with a money laundering investigation.

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The agency said in a statement that the searches were carried out on June 1 at seven locations in Delhi and Gurugram. The owners, controllers and promoters of the M3M Group - Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key persons - deliberately avoided investigation during the raids, the ED alleged.

According to the ED, the search operations were carried out under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).