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ED Attaches Properties Worth Rs 124.57 Crore in Delhi, Gurugram Belonging To M3M, Other Realtors


NEW DELHI: The Enforcement Directorate (ED) has hooked up immovable properties value Rs 124.57 crore belonging to RS Infrastructure Personal Ltd, M/s Kenwood Mercantile Personal Ltd, M3M India Holding, M/s Goodfaith Builders Personal Ltd and different suspects concerned in cash laundering in reference to the case of M/s Religare Finvest Restricted and others, mentioned the ED in a launch.  The ED mentioned that the properties hooked up have been within the type of land and farmhouses situated in posh areas of Gurugram and Delhi.

M/s Kenwood Mercantile Personal Ltd, M/s Goodfaith Builders Personal Ltd are the entities belonging to the M3M group, a Gurugram-based realtor. In keeping with the ED, the land measuring 430 acre in Gurugram/Faridabad belonging to the entities of M3M group has been provisionally hooked up being because the proceeds of crime flowing via a maze of firms to the M3M group.

A partnership agency by the title of M/s M3M India Holdings having companions specifically Roop Kumar Bansal, Basant Bansal, Abha Bansal and Pankaj Bansal had obtained proceeds of crime in extra of Rs 500 crore by exhibiting sale of shares of a land owing firm M/s RS Infrastructure Pvt Ltd at a grossly inflated worth of almost Rs 726 crore to an entity M/s Lowe Realty Personal Ltd. (presently referred to as Lowe Infra and Wellness Pvt. Ltd).

The ED investigation revealed that worth of the land owned by RS Infrastructure Personal Ltd. was intentionally inflated by M/s M3M India Holdings (former shareholder of RS Infrastructure Personal Ltd.) to empty out hefty funds from Lowe Realty Pvt. Ltd. which borrowed the identical quantity from Religare group. Throughout the investigation by ED in Religare Finvest Restricted and others, one prosecution grievance and two supplementary prosecution complaints have been filed earlier than the Particular Courtroom.

The ED has additionally issued three provisional attachment orders, together with the most recent one to connect the proceeds of crime originated from the company mortgage ebook fraud of M/s Religare Finvest Restricted. ED had earlier hooked up properties amounting to Rs 54 Crore and $1,50,00,000 belonging to M/s RS Infrastructure Pvt. Ltd. and Malvinder Mohan Singh, respectively in 2020 and 2021.

The character of the properties hooked up in India consists of land and farmhouses whereas properties hooked up in overseas jurisdiction embrace an insurance coverage coverage of AXA China Insurance coverage Firm (Bermuda) Ltd. belonging to Malvinder Mohan Singh, the then promoter of Religare group.

Additional investigation within the case is underway, the ED official added.

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