M3M group director arrested in money laundering probe


Roop Bansal, the group director of real estate firm M3M, has been arrested by the Enforcement Directorate (ED) in connection with a case under the Prevention of Money Laundering Act (PMLA). The arrest follows search operations conducted by the ED at seven locations in Delhi and Gurugram, which belonged to real estate developers IREO Group and M3M Group.
The investigation focuses on allegations of fund diversion, syphoning off, and misappropriation by the companies. The ED has uncovered instances of money laundering amounting to over Rs 400 crore involving the IREO Group and M3M Group.
Multiple FIRs have been registered against the IREO Group, leading to an investigation by the Enforcement Directorate (ED). The ED has alleged that a significant amount of money, amounting to hundreds of crores, was syphoned off through the M3M group.
According to the ED, their investigation has revealed that the M3M Group received around Rs 400 crore from the IREO Group through various shell companies operating in multiple layers. The transaction was recorded in the books of the IREO Group as payments for development rights. The ED’s findings suggest that there were financial irregularities and possible money laundering involved in these transactions between the two real estate groups. The ED added that a piece of land was owned by the M3M group, and the market value of the land was around Rs 4 crore. Five shell companies thereafter allegedly sold the development rights to the same land to IREO Group for about Rs 400 crore.