The Enforcement Directorate (ED) has attached immovable properties worth Rs 124.57 crore belonging to RS Infrastructure Private Ltd, M/s Kenwood Mercantile Private Ltd, M/s Goodfaith Builders Private Ltd and other suspects involved in money laundering in connection with the case of M/s Religare Finvest Limited and others, an ED official said.
The ED said that the properties attached were in the form of land and farmhouses located in posh areas of Gurugram and Delhi.
M/s Kenwood Mercantile Private Ltd, M/s Goodfaith Builders Private Ltd are the entities belonging to the M3M group, a Gurugram-based realtor.
According to the ED, the land measuring 430 acre in Gurugram/Faridabad belonging to the entities of M3M group has been provisionally attached being as the proceeds of crime flowing through a maze of companies to the M3M group.
A partnership firm by the name of M/s M3M India Holdings having partners namely Roop Kumar Bansal, Basant Bansal, Abha Bansal and Pankaj Bansal had received proceeds of crime in excess of Rs 500 crore by showing sale of shares of a land owing company M/s RS Infrastructure Pvt Ltd at a grossly inflated value of nearly Rs 726 crore to an entity M/s Lowe Realty Private Ltd. (currently known as Lowe Infra and Wellness Pvt. Ltd).
The ED investigation revealed that value of the land owned by RS Infrastructure Private Ltd. was deliberately inflated by M/s M3M India Holdings (former shareholder of RS Infrastructure Private Ltd.) to drain out hefty funds from Lowe Realty Pvt. Ltd. which borrowed the same amount from Religare group.
During the investigation by ED in Religare Finvest Limited and others, one prosecution complaint and two supplementary prosecution complaints have been filed before the Special Court.
The ED has also issued three provisional attachment orders, including the latest one to attach the proceeds of crime originated from the corporate loan book fraud of M/s Religare Finvest Limited.
ED had earlier attached 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 nature of the properties attached in India includes land and farmhouses whereas properties attached in foreign jurisdiction include an insurance policy of AXA China Insurance Company (Bermuda) Ltd. belonging to Malvinder Mohan Singh, the then promoter of Religare group.
Further investigation in the case is underway, the ED official added.
(This article has been published via a syndicated feed)
