The Enforcement Directorate (ED) has arrested M3M Promoter Roop Kumar Bansal in connection with a Prevention of Money Laundering case, said sources on Friday.
Bansal was arrested on Thursday, the sources added.
The ED recently conducted raids at the premises belonging to IREO Group and M3M Group over allegations of diverting and siphoning off Rs 400 crore from investors.
During the search operation, luxury vehicles, including Ferrari, Lamborghini, Land Rover, Rolls Royce, Bentley, and Mercedes Maybach, with an acquisition value of Rs 60 crore, jewellery, bullion worth Rs 5.75 crore, cash amounting to Rs 15 lakh, and various incriminating documents, digital evidence, and books of accounts were seized.
According to the ED, the owners, controllers and promoters of M3M Group, namely Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other key individuals deliberately avoided investigations.
The raids were carried out at seven locations in Delhi and Gurugram (Haryana). The ED has been investigating IREO Group based on multiple FIRs filed against them for diverting and misappropriating funds of investors and customers.
"The ED's investigations revealed that a significant amount of money, running into hundreds of crores, was siphoned off through M3M Group as well. In one transaction, M3M Group received approximately Rs 400 crore from IREO Group through several shell companies in multiple layers. These transactions were shown in IREO's books as payments towards development rights," the ED had stated.
The ED further mentioned that the land was owned by M3M Group, with a market value of around Rs four crore. Initially, M3M Group sold the development rights of the land to five shell companies for a payment of Rs 10 crore.
"It was claimed that these five companies were unrelated entities. However, investigations revealed that the five shell companies were operated by M3M Group. Subsequently, these companies immediately sold the development rights of the same land to IREO Group for approximately Rs 400 crore. Once the amount of Rs 400 crore was received from IREO Group, the five shell companies transferred the funds to M3M Group through multiple shell companies and layers," explained the ED.
The ED also stated that all the shell companies were owned and operated by M3M Group under the directions of its promoters, Basant Bansal, Roop Kumar Bansal, and their family members.
"In this manner, IREO and M3M siphoned off approximately Rs 400 crore, which belonged to investors and customers. The proceeds of this crime remained with M3M Group, which was used for other investments and to pay off liabilities. On the other hand, IREO Group made no efforts to develop the land and started to write off the investments every year," added the official.
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