IREO Group money laundering case: ED seizes assets worth more than Rs 1,300 cr

The Enforcement Directorate has seized assets worth more than Rs 1,317 crore from IREO Property Group, its Managing Director and Vice Chairman Lalit Goyal and associated entities in connection with an investigation into the money laundering.

Adjoining properties include land, commercial space, land, apartment houses and bank accounts, the federal agency said in a statement on Saturday.

The total value of these attached properties is Rs 1,317.30 crore.

ED has taken cognizance of at least 30 FIRs filed in various police stations located in Gurugram, Panchkula, Ludhiana and Delhi against the group, related entities, its directors, key executives and others, to file a case money laundering.

The investigation revealed, according to the agency, that the defendants had “duped” innocent buyers by promising to deliver apartments, land, commercial spaces, etc. However, they neither delivered the projects nor returned their money.

The directors of the company, in collusion with others, “siphoned” the money collected from the buyers and did not use it for the intended purpose.

He said they sent that money out of India in the form of share buybacks, buybacks, FCDs, etc. and granted loans and advances to associated entities/persons, offering excessive inducements and advances to key executives to “rig” the books of accounts, who in turn invested it in the purchase of real estate and shares of various companies inside and outside the country, the ED alleged.

Goyal was arrested by the agency in November last year in the matter and later filed an indictment at a special Prevention of Money Laundering Act (PMLA) court in Panchkula in January.

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