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.
They damage the nation abroad: EAM Jaishankar slams Rahul’s ‘falsehood’ on ‘Trump invite’ claims
External Affairs Minister (EAM) S Jaishankar on Monday hit back at the Leader of Opposition (LoP) Rahul Gandhi over his claims that the former went to the United States of America to get an invitation for Donald Trump’s inauguration, stating that such falsified statements only go on to harm the ‘interests and reputation’ of the country abroad.
Positive impact of regular contacts evident in India-Russia strategic partnership: President Murmu
President Droupadi Murmu on Monday asserted that the "positive impact" of regular contacts is evident in the broader 'India-Russia Special and Privileged Strategic Partnership' which continues to benefit significantly from the ongoing interaction at various levels.
Over to voters: High-decibel campaign for Delhi election ends
Campaigning for the most hotly contested Assembly election in Delhi ever ended at 5 p.m. on Monday, drawing curtains on months-long, high-decibel electioneering replete with AI-generated memes, acerbic jibes and venomous barbs and a race to woo voters with freebies, including monthly doles to women and the youth.
Rahul Gandhi’s rare praise for ‘Make In India’ project in LS, followed by jibe
Congress MP and the Leader of Opposition (LoP) Rahul Gandhi on Monday made a rare praise for the ‘Make In India’ program, even commending the Prime Minister Narendra Modi for bringing in the ‘good idea’ but then went to disapprove it by calling it ‘damp squib’.
Govt likely to introduce new income tax bill on Feb 6
After the revision in tax slabs in the Union Budget 2025-26 to leave 'enough money in the hands' of taxpayers, the government is likely to unveil the much-anticipated draft of the new Income Tax Bill on February 6.
10 TN fishermen arrested by Sri Lankan Navy; mechanised boat seized
Ten fishermen from Rameswaram, Tamil Nadu, were arrested by the Sri Lankan Navy in the early hours of Monday for allegedly crossing the International Maritime Boundary Line (IMBL).
Maha Kumbh: Spiritual leaders, devotees celebrate Basant Panchami with Amrit Snan
On the auspicious occasion of Basant Panchami, devotees gathered at the Triveni Sangam during the ongoing Maha Kumbh 2025 in Prayagraj for the much-awaited Amrit Snan (holy bath), marking a significant spiritual milestone.
Delhi Assembly polls: Campaigning to end today; parties make final push
The high-voltage campaigning for the Delhi Assembly elections will come to an end at 5:00 p.m. on Monday, with all three major political parties, the ruling Aam Aadmi Party (AAP), the Bharatiya Janata Party (BJP) and the Congress, making their final efforts to woo voters.