In a significant development, the Enforcement Directorate (ED) revealed on Tuesday that it has attached new assets valued at approximately ₹59 crore belonging to real estate company IREO and several others as part of an ongoing money laundering investigation.
The probe, which has been underway for several years, focuses on allegations of IREO and its promoters deceiving homebuyers by failing to deliver promised properties such as flats, plots, and commercial spaces, despite receiving payment.
According to the ED, the company and its promoters allegedly diverted funds collected from buyers for purposes other than those intended, including overseas transactions such as share buybacks and redemptions, as well as loans to associated entities and individuals. The total identified proceeds of crime in the case amount to a staggering ₹1,780 crore.
As part of its enforcement actions, the ED provisionally attached land parcels and bank deposits totaling ₹58.93 crore under the provisions of the Prevention of Money Laundering Act (PMLA). This move underscores the agency’s determination to combat financial irregularities and uphold the integrity of the real estate sector. Prominent figures in the case, including IREO promoter Lalit Goyal and Roop Bansal, promoter of another realty group M3M, have previously been arrested by the ED. With this latest attachment of assets, the agency continues its pursuit of justice and accountability in the realm of financial crimes.
