June 9, 2023: The Enforcement Directorate (ED) arrested one of the directors of Gurgaon-based real estate company M3M, news agency PTI reported. Company director Roop Kumar Bansal was arrested under the Prevention of the Money Laundering Act on June 8, 2023, the report said, citing sources.
On June 1, the ED carried out search operations at seven locations in Delhi and Gurgaon belonging to IREO Group and M3M Group for misappropriating funds.
The investigations were initiated based on multiple FIRs registered against IREO Group. The investigations done by ED showed that huge amounts of money running to hundreds of crores were siphoned through M3M group also, it said. During the search operation under Section 17 of the PMLA, the owners of the M3M Group, Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key people deliberately avoided investigation, it added.
During the ED search operation, 17 high-end luxury cars worth Rs 60 crore, jewellery and bullion worth Rs 5.75 crore, cash of Rs 15 lakh and various incriminating documents, digital evidence and books of accounts were seized.
Following the searches, M3M directors filed a petition in the Delhi High Court requesting the HC quash the ED case and summons issued to them, saying they have not indulged in any wrongdoing, the PTI report said.
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