Ambala: Three directors of renowned real estate firm M3M including the founder, promoter Basant Bansal, Roop Bansal and Pankaj Bansal allegedly involved in nearly 408 crore money laundering case by enforcement directorate (ED) by transferring funds invested by the customers in real estates business in projects going on at Chandigarh, Haryana and Punjab to other accounts. The three were lodged in Ambala Central jail and became medically unwell and admitted in the private air condition rooms under tight Haryana Armed Police security. However, Roop Bansal has been discharged from the hospital. However Pankaj Bansal admitted on 28th August 2023 was stated suffering from the fever. a couple of days after his arrest in money laundering case.
However, Basant Bansal: Roop Bansal were arrested days prior, following ED searches at seven locations in Delhi and Gurugram belonging to the real estate developers. According to an ED officer, raids were conducted at the residence and office of arrested businessmen at Gurugram. When talked to Supdt .Ambala central jail and Dr. Kuldeep Singh CMO Ambala no one was prepared to say anything about alleged accused. However, founder of M3M real estate firm was admitted in AC room in the civil hospital due to kidney stone pain.
Information reveals, Basant Bansal’s arrest came after the Delhi High Court granted him interim protection from arrest till July 5 along with Pankaj Bansal. The court said that in case of an arrest, he would be granted bail subject to certain conditions and a personal bond of Rs 10 lakh. The court’s orders came on separate anticipatory bail applications by Basant Bansal and Pankaj Bansal in the case being probed by ED. Meanwhile, Roop Bansal was arrested days prior, following ED searches at seven locations in Delhi and Gurugram belonging to the real estate developers.
Information reveals that multiple FIRs have been registered against the IREO Group, which prompted the ED to investigate the matter. It was then alleged by the agency that a huge amount of money running into hundreds of crores was siphoned off through M3M Group. The agency added, all the shell companies were owned and operated by M3M Group under the directions of its promoters Basant Bansal and Roop Kumar Bansal and his family members. The agency added that the companies siphoned off nearly Rs.400 crore belonging to investors and customers, while the proceeds of the crime remained with the M3M Group and was used for other investments and to pay off liabilities. Sources reveal that all firms dealing in real estate business in Panchkula, real estate Zeerakpur and Mohali where hundreds of real estate projects are going on have become alert after this incident.
