The Enforcement Directorate (ED) has provisionally attached immovable properties worth ₹124.57 crore belonging to RS Infrastructure, Kenwood Mercantile, Goodfaith Builders and other suspects in a case related to Religare Finvest Limited and others.
The properties are in the form of land and farmhouse(s) located in the posh areas of Gurugram and Delhi.
The agency, in a statement, said Kenwood Mercantile and Goodfaith Builders were entities belonging to the M3M group, a Gurugram-based realtor. “Land measuring 430 acres in Gurugram/Faridabad belonging to the entities of M3M group has been provisionally attached (it) being the proceeds of crime (PoC) flowing through a maze of companies to the M3M group,” it said.
A partnership firm named M3M India Holdings, having Roop Kumar Bansal, Basant Bansal, Abha Bansal, and Pankaj Bansal as partners, had allegedly received PoC of over ₹500 crore by showing sale of shares of a land owing company, RS Infrastructure, at a “grossly inflated value” of about ₹726 crore, to Lowe Realty (currently known as Lowe Infra and Wellness Pvt. Ltd.), said the ED.
As alleged, the ED found that value of the land owned by RS Infrastructure was deliberately inflated by M3M India Holdings (former shareholder of RS Infrastructure) to drain out hefty funds from Lowe Realty that had borrowed the same amount from Religare group.
In the same case, the ED has so far filed a prosecution complaint and two supplementary prosecution complaints, while three provisional attachment orders have been issued.
