The ED on Monday said it has seized luxury cars worth Rs 60 crore, including those of Ferrari, Lamborghini, and Bentley, and jewelry valued at Rs 5.75 crore during raids on real estate companies IREO and M3M in a money laundering investigation. The federal agency said in a statement that the searches were carried out on June 1 at seven of their locations in Delhi and Gurugram.
The owners, controllers, and promoters of the M3M Group -- Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other key persons deliberately avoided investigations during the raids, the ED alleged.
The agency has been investigating the IREO group for the last few years on charges of diverting, siphoning off, and misappropriating funds of investors and customers, and it was later found that "huge amounts of money running into hundreds of crores were siphoned off through the M3M Group too".
Posted By
Ruchi Mane
info@houssed.com
Ruchi Mane is the Senior Editor at Houssed, leading the platform’s real estate news coverage. She tracks trends in India’s luxury property market while overseeing editorial strategy, PR outreach, and social media communication.