NEW DELHI: The Enforcement Directorate (ED) has connected immovable properties price Rs 124.57 crore belonging to RS Infrastructure Non-public Ltd, M/s Kenwood Mercantile Non-public Ltd, M3M India Holding, M/s Goodfaith Builders Non-public 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 connected had been within the type of land and farmhouses situated in posh areas of Gurugram and Delhi.
M/s Kenwood Mercantile Non-public Ltd, M/s Goodfaith Builders Non-public Ltd are the entities belonging to the M3M group, a Gurugram-based realtor. In line with the ED, the land measuring 430 acre in Gurugram/Faridabad belonging to the entities of M3M group has been provisionally connected being because the proceeds of crime flowing by way of a maze of firms to the M3M group.
A partnership agency by the identify of M/s M3M India Holdings having companions particularly Roop Kumar Bansal, Basant Bansal, Abha Bansal and Pankaj Bansal had acquired proceeds of crime in extra of Rs 500 crore by displaying 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 Non-public Ltd. (at present generally known as Lowe Infra and Wellness Pvt. Ltd).
The ED investigation revealed that worth of the land owned by RS Infrastructure Non-public Ltd. was intentionally inflated by M/s M3M India Holdings (former shareholder of RS Infrastructure Non-public Ltd.) to empty out hefty funds from Lowe Realty Pvt. Ltd. which borrowed the identical quantity from Religare group. In the course of the investigation by ED in Religare Finvest Restricted and others, one prosecution criticism 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 newest one to connect the proceeds of crime originated from the company mortgage guide fraud of M/s Religare Finvest Restricted. ED had earlier connected 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 connected in India contains land and farmhouses whereas properties connected in international jurisdiction embody 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.
