The IREO Group has been the target of numerous FIRs, which prompted the ED to look into the situation.
New Delhi: The Enforcement Directorate (ED) has taken another big action in the money laundering case by arresting Basant Bansal. Days before, the ED arrested Bsant’s brother, Roop Bansal in the same case. The company is under investigation by the ED for allegedly misappropriating, syphoning, and diverting funds. The M3M Group and the IREO Group have been caught laundering more than Rs 400 crore, according to the agency.
What Is The Matter?
The IREO Group has been the target of numerous FIRs, which prompted the ED to look into the situation. The agency then asserted that M3M Group was used to syphon off a sizable sum of money, amounting to hundreds of crores.
What ED Says?
The ED claimed that IREO Group paid M3M Group Rs 400 crore through a number of shell firms and numerous layers, which the latter claimed to have earned through development rights.
The M3M Group owned the land, which had a market worth of Rs 4 crore. For a price of Rs 10 crore, it sold five phoney firms with no apparent connection to the lands’ rights. The shell businesses were run by M3M Group, according to further inquiry into the subject, the agency claimed.
The development rights to the same site were afterward sold by the shell firms to IREO Group for roughly Rs 400 crore, and the money was subsequently transferred. The shell firms transferred the money to M3M Group after receiving it.
According to the agency, the companies stole Rs 400 million from consumers and investors, while the M3M Group kept the proceeds of the crime and used them to fund other projects and settle debts.
Who Are Basant Bansal And Roop Bansal?
Basant Bansal is the founder and driving force behind M3M Group, according to the m3m website. According to the website, Roop Bansal’s inclusive and forward-thinking mindset has been the catalyst for M3M Group’s explosive expansion.