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The Enforcement Directorate has attached properties worth Rs. 1,317.30 crore owned by real estate firm IREO Pvt Ltd, its Managing Director and Vice President Lalit Goyal, affiliated entities, and senior management personnel, the agency announced on Saturday.
Land, business spaces, plots, residential dwellings, and bank accounts are among the associated properties in a money-laundering investigation.
The properties were attached in accordance with the 2002 Prevention of Money-Laundering Act (PMLA). Land, business spaces, plots, residential homes, and bank accounts are among the associated properties.
The ED launched an investigation into money laundering based on 30 FIRs registered at various police stations in Gurugram, Panchkula, Ludhiana, and Delhi under Sections 120-B, 420, 467, and 471 of the Indian Penal Code, 1860 against IREO Pvt Ltd, associated entities, directors, key managerial personnel, and others.
The ED investigation discovered that they deceived unsuspecting clients by offering them flats, plots, and commercial spaces, but they never delivered the projects or repaid their money.
The investigation revealed that the company’s directors, in collusion with others, syphoned off money collected from buyers and did not use it for the future purpose, instead sending it outside India in the form of share buy-backs, redemptions, and loans and advances to related entities and persons, giving excessive incentives and advances to key managerial personnel to fudge the books of account, who in turn invested it in purchasing immovable property.
Previously, the primary management person, Lalit Goyal, was detained on November 16, 2021, and searches were also conducted on the company’s and key personnel’s premises on November 22, 2021. Following that, a prosecution complaint was filed on January 14th of this year, and a special court took cognizance of it.