The ED's Raids on M3M and IREO: Seizing 60 Crore Worth of Luxury Cars from Company Campuses

The ED has alleged that during the search operation, the founders of M3M Group - Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other key individuals tactfully evaded scrutiny.

The Central investigation agency, Enforcement Directorate (ED), conducted raids on two major real estate developers. Providing information about the operation, the ED stated on Monday that during an investigation into a money laundering case, raids were conducted on the premises of real estate companies IREO and M3M, resulting in the seizure of luxury cars worth 60 crore rupees, including Ferrari, Lamborghini, and Bentley. The ED, which investigates financial matters, stated in a statement that a search operation was carried out on seven premises of these real estate companies located in Delhi and Gurugram on June 1. It was during this operation that the luxury cars were seized.

Evading Scrutiny: Directors' Tactful Measures during the Investigation and Search Operation

The ED has accused the founders of the M3M Group, including Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other key individuals, of evading scrutiny during the search operation. The agency has been investigating allegations of diverting funds and misusing money received from investors against the IREO Group for the past few years. According to the ED, the investigation revealed that hundreds of crores of rupees were also sent through the M3M Group. In a similar transaction, M3M received 400 crore rupees from IREO.

These luxury cars were seized

The Enforcement Directorate stated that during the search of real estate company premises, it seized 17 luxury cars including Ferrari, Lamborghini, Land Rover, Rolls Royce, Bentley, Mercedes, and Maybach. These cars were valued at approximately 60 crore rupees. In addition, jewelry and precious metals worth 5.75 crore rupees, 15 lakh rupees in cash, and several important documents were also recovered.

Credai is constructing 55 green buildings

Under the regulations of the Indian Green Building Council (IGBC), the apex body of real estate companies, Credai, is developing over 55 green projects across the country. They have sought loans at subsidized interest rates to encourage such projects. The Confederation of Real Estate Developers' Associations of India (Credai) announced a partnership with IGBC in April for the development of certified environmentally-friendly housing projects. The association has committed to developing 1,000 green-certified projects in the next two years and 4,000 projects by 2030.