The Aryavarth Express
Agency (New Delhi): The Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs. 124.57 crore belonging to RS Infrastructure Pvt. Ltd., M/s Kenwood Mercantile Pvt. Ltd., M/s Goodfaith Builders Pvt. Ltd., and other suspects involved in the money laundering case related to M/s Religare Finvest Limited and others. The attached properties include land and farmhouses located in posh areas of Gurugram and Delhi.
M/s Kenwood Mercantile Pvt. Ltd. and M/s Goodfaith Builders Pvt. Ltd. are entities belonging to the M3M group, a Gurugram-based realtor. The ED has provisionally attached 430 acres of land in Gurugram/Faridabad belonging to the M3M group entities, as the Proceeds of Crime (PoC) were found to be flowing through a maze of companies to the M3M group.
The investigation revealed that a partnership firm named M/s M3M India Holdings, with partners Roop Kumar Bansal, Basant Bansal, Abha Bansal, and Pankaj Bansal, had received PoC in excess of Rs. 500 crore by showing the sale of shares of a land-owing company, M/s RS Infrastructure Pvt Ltd, at a grossly inflated value of approximately Rs. 726 crore to an entity named M/s Lowe Realty Pvt. Ltd. (currently known as Lowe Infra and Wellness Pvt. Ltd.).
The ED’s investigation further revealed that the value of the land owned by RS Infrastructure Pvt. Ltd. was deliberately inflated by M/s M3M India Holdings (former shareholder of RS Infrastructure Pvt. Ltd.) to drain out hefty funds from Lowe Realty Pvt. Ltd., which had borrowed the same amount from the Religare group.
During the investigation, the ED has filed one Prosecution Complaint and two Supplementary Prosecution Complaints before the Special Court. The agency has also issued three Provisional Attachment Orders, including the latest one, to attach the proceeds of crime originated from the Corporate Loan Book fraud of M/s Religare Finvest Limited. In 2020 and 2021, the ED had earlier attached properties amounting to Rs. 54 crore and USD 1,50,00,000 belonging to M/s RS Infrastructure Pvt. Ltd. and Malvinder Mohan Singh, respectively. The attached properties in India include land and farmhouses, while properties attached in foreign jurisdiction include an insurance policy of AXA China Insurance Company (Bermuda) Ltd. belonging to Malvinder Mohan Singh, the erstwhile promoter of the Religare group.
The investigation is ongoing, and further developments are expected as the ED continues to probe the case.
The attachment of properties in the Religare Finvest case highlights the ED’s efforts to trace and seize the proceeds of crime derived from alleged money laundering activities. The provisional attachment is a significant step in the ongoing investigation, and the ED remains committed to uncovering the full extent of the alleged fraud and taking appropriate action against those involved.
