ED raids realty groups IREO, M3M, seizes luxury cars worth Rs 60 crore

The Indian Enforcement Directorate (ED) has seized luxury cars and jewellery worth INR 65.75 crore ($8.8m) during raids on real estate firms IREO and M3M as part of a money laundering investigation. The ED alleges that the searches revealed “huge amounts of money running into hundreds of crores” being siphoned off through M3M, from which luxury cars and jewellery were purchased, with ownership denied by the Bansals, key stakeholders in the group. In one transaction, M3M Group allegedly received around INR 400 crore from IREO Group through “several shell companies in multiple layers,” where the acquisitions were shown as payments towards development rights.

from News-Economic Times https://ift.tt/93re0bz