New Delhi, October 16
The Enforcement Directorate (ED) today said it has issued a provisional attachment order under provisions of the Prevention of Money Laundering Act (PMLA) to seize assets worth Rs 1,317.3 crore of real estate group IREO, its managing director and vice-president Lalit Goyal and associated entities as part of its probe against them.
The ED in an official statement said the attached properties include land, commercial spaces, plots, residential houses and bank accounts. The total value of these attached properties is Rs 1,317.3 crore, it added.
The ED’s case under provisions of the PMLA is based on at least 30 FIRs registered at various police stations located in Gurugram, Panchkula, Ludhiana and Delhi against the group, linked entities, its directors, key managerial persons and others for allegedly duping innocent property buyers.
The ED in its statement claimed that in its probe, it was found that the accused allegedly “duped” innocent buyers by promising them to deliver flats, plots, commercial spaces etc. But they neither delivered the projects nor returned their money, it alleged.
The directors of the company in connivance with others “siphoned off” money collected from buyers and did not use it for the intended purpose, it said.
The agency said they sent this money outside India in the form of buy-back of shares, redemptions, FCDs etc.
It further alleged that the accused also diverted money by “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.
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