ED detains M3M Group Director Roop Kumar Bansal in a case involving money laundering

According to news outlet PTI, which cited official sources, the Enforcement Directorate (ED) has detained a director of the Gurugram-based real estate firm M3M as part of a money laundering inquiry. According to them, Roop Kumar Bansal was arrested on Thursday in accordance with the Prevention of Money Laundering Act (PMLA). The federal investigation agency conducted searches on the M3M group and its directors as well as against IREO, another real estate business, in Delhi and Gurugram on June 1, according to the PTI report.

Later, it claimed in a news release that the M3M Group’s owners, controllers, and promoters. During the searches, Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other important individuals purposefully avoided being interviewed.

Following the searches, M3M directors, including Bansal, had petitioned the Delhi High Court to drop the ED case and summonses issued to them, claiming they had not engaged in any crime, sources said.

The bureau said on Monday that it had seized expensive vehicles. During the searches on the two groups, police seized several items, including a Ferrari, Lamborghini, and Bentley valued at Rs 60 crore as well as jewelry worth Rs 5.75 crore.

Since a few years ago, the agency has been looking into allegations that the IREO organization siphoned, diverted, and misappropriated monies belonging to investors and clients. Following investigation, it was discovered that “huge sums of money amounting to hundreds of crores were siphoned off through the M3M Group too.”

“In one of the deals, M3M Group acquired $400 million from IREO Group through a number of shell companies that were layered on top of one another. In IREO’s records, the transactions were recorded as payments for development rights. The M3M group held the land, which had a market worth of around Rs 4 crore, according to the ED’s allegations.