Basant Bansal & Pankaj Bansal of Real Estate Group M3M, Arrested by ED

New Delhi (Agency):  The Enforcement Directorate (ED) has made significant progress in the ongoing investigation into a bribery case involving a former special court judge in Panchkula. Basant Bansal and Pankaj Bansal, key managerial persons of the M3M Group, were arrested on June 14, according to a press release issued by the ED on June 15.

The ED's investigation was initiated based on the First Information Report (FIR) registered by the Anti-Corruption Bureau (ACB) in Panchkula, Haryana. The FIR alleged that Sudhir Parmar, who was posted as a Special Judge for CBI and ED cases in Panchkula at the time, showed favoritism towards the accused individuals, including Roop Kumar Bansal, Basant Bansal, and Lalit Goyal, in exchange for undue advantages.

"The FIR stated that instances of grave misconduct, abuse of official position, and demand/acceptance of undue advantage/bribe from the accused persons in the cases pending in his court were observed," the ED press release stated.

The ED has collected incriminating evidence, including bank statements and money trails, related to the allegations mentioned in the FIR. This evidence formed the basis for the arrests of Basant Bansal and Pankaj Bansal. Both individuals were produced before the designated PMLA Court in Panchkula, where the court granted the ED custody of the accused for five days.

The agency, on June 1, carried out raids against the M3M promoters and some others in another money laundering case linked to the IREO group and Lalit Goyal. Subsequently, the agency arrested Roop Kumar Bansal. Basant Bansal and Pankaj Bansal had obtained interim protection from arrest until July 5 from the Delhi High Court in this case. However, the ED arrested them in the money laundering case linked to the alleged bribery of the judge after filing a fresh case under the PMLA.

In a statement issued after the June 1 raids, the agency alleged that a "huge amount of money running into hundreds of crores was siphoned off through the M3M group" in the case against the IREO group. In one of the transactions, the M3M group received about Rs 400 crore from the IREO group through several shell companies in multiple layers, it had alleged.



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