The Enforcement Directorate (ED) on Saturday said it has provisionally attached properties worth Rs 1,317.30 crore under the Prevention of Money-Laundering Act (PMLA) of real estate major IREO Pvt. Ltd., its Managing Director-cum-Vice President Lalit Goyal, associated entities and key managerial persons.
The attached properties include land, commercial spaces, plots, residential houses and bank accounts.
The ED initiated investigation under the PMLA on the basis of 30 FIRs under Indian Penal Code Sections relating to criminal conspiracy (Section 120-B) , cheating (420), forgery of valuable security (467) and using forged documents as genuine (471) registered at various police stations across Gurugram, Panchkula, Ludhiana and Delhi against real estate company . IREO Pvt. Ltd., associated entities, its directors, key managerial persons and others.
The ED investigation revealed that the accused entity and individuals duped the innocent buyers by promising them to deliver flats/ plots/ commercial spaces among others. However, they neither delivered the projects nor returned the investors their money, the ED said in a statement.
“Investigation further revealed that the directors of the Company in connivance with others siphoned off money collected from buyers and did not use for the intended purpose rather sending money outside India in the form of buy-back of shares, redemptions, FCDs etc. and giving loans and advances to associated entities/persons, giving excessive incentives and advances to key managerial persons to fudge the books of account who in turn invested it in purchasing immovable properties and shares of various companies within and outside the country,” it said.
Earlier, the main managerial person of the Group Lalit Goyal was arrested on November 16, 2021 and searches were also conducted at the premises of the company and other related key persons on November 22 last year.
Subsequently, a Prosecution Complaint (chargesheet in police parlance) was filed on January 14 and the Special Court, Panchkula had taken cognizance of the same. Further investigation in this case is under progress, the agency added.
