So far, the ED has submitted three chargesheets (representative) in this case

New Delhi:

The Enforcement Directorate on Tuesday said assets worth over Rs 124 crore belonging to various companies have been seized as part of a money laundering probe into companies including Religare Finvest Limited (RFL).

The attached properties, which are land and farmhouses located in “posh” areas of Gurgaon and Delhi, belong to RS Infrastructure Private Limited as part of the interim order issued under the Prevention of Money Laundering Act (PMLA). Ltd., Kenwood Commercial Pty Ltd. Ltd., the central agency said in a statement, M/s Goodfaith Builders Pvt.

The total value of these assets is Rs 124.57 crore.

Kenwood Commercial Pvt. Ltd. and Goodfaith Builders Pvt. Ltd., entities belonging to M3M Group, a Gurgaon-based real estate brokerage, 430 acres of land in Gurgaon and Faridabad belonging to these entities has been acquired Attached is “Proceeds of crime flowing through a labyrinth of companies to the M3M Group”. .

The agency said that a partnership called M3M India Holdings and its partners Roop Kumar Bansal, Basant Bansal, Abha Bansal and Pankaj Bansal had “earned proceeds of crime of over Rs 500 crore from the sale of its shares”. RS Infrastructure Pvt Ltd, a land company, grossly overstated the price of the entity Lowe Realty Pvt. Ltd. (currently known as Lowe Infra and Wellness Pvt. Ltd.) by Rs 726 crore.”

Land owned by RS Infrastructure Pte Ltd. M3M India Holdings, a former shareholder of RS Infrastructure Pvt. Ltd., “deliberately exaggerated” Lowe Realty Pvt. Ltd.’s huge capital. The company borrowed the same amount from Religare Group, the agency said.

The ED has so far filed three chargesheets in the case and has also frozen assets in the past to “seize proceeds of crime stemming from the corporate loan book fraud of Religare Finvest Limited”.

The property worth Rs 54 crore and US$ 1.5 billion belongs to RS Infrastructure Private Limited. Ltd. and Malvinder Mohan Singh merged in 2020 and 2021.

The nature of the property seized in India includes land and farm buildings, while the property seized in foreign jurisdictions includes an insurance policy of AXA China Insurance Company (Bermuda) Limited belonging to former Religare Group promoter Malvinder Mohan Malvinder Mohan Singh.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)