In the course of a money laundering probe into Religare Finvest Ltd., the Directorate of Enforcement (ED) declared on March 26 that it has attached immovable assets worth Rs 124.5 from multiple businesses affiliated with the Gurugram-based real estate company M3M Group.
The 430 acres of vast properties are owned by RS Infrastructure, Kenwood Mercantile, and Goodfaith Builders. They are situated in “posh” neighborhoods of Delhi and Gurugram and consist of both land and farmhouses.
According to the ED, RS Infrastructure Pvt Ltd’s land was overvalued by M3M India Holdings, a partnership company with partners Roop Kumar Bansal, Basant Bansal, Abha Bansal, and Pankaj Bansal. And it paid Lowe Realty Pvt Ltd, now known as Lowe Infra and Wellness Pvt Ltd, around Rs 726 crore for the inflated shares.
Lowe Realty Pvt Ltd was found to have allegedly borrowed the funds from the Religare Group, according to the ED inquiry. The organization stated that additional research is being done.
