A real estate fraud has been charged against Lalit Goyal and others. Over a thousand investors and homebuyers of IREO Projects, including IREO Fiveriver.
Digital Desk: In accordance with the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) attached the assets of the private equity fund IREO and its managing director Lalit Goyal on October 15.
In a money laundering case involving an alleged multi-crore real estate scam, the ED had filed its first charge sheet against the vice chairman and MD of the real estate group, Lalit Goyal, and others in January of this year. In Panchkula, Haryana, a special PMLA court had already acknowledged the charge sheet.
Goyal was stopped at the immigration desk in November of last year on the basis of a notification issued by the federal probing agency as he prepared to board a Vistara flight from the Indira Gandhi International (IGI) Airport to London.
A real estate fraud has been charged against Lalit Goyal and others. Over a thousand investors and homebuyers of IREO Projects, including IREO Fiveriver. The Corridors, IREO City, Gurgaon Hills in Haryana, and IREO Waterfront Township in Punjab, among others, had made advance payments but have not yet received their reserved flats/plots despite a delay of more than four to five years, the ED claims.
The IREO Group of Companies was unable to finish its initiatives as a result of money being diverted and syphoned, it said. In violation of the nation's FDI policy and other laws, customer receipts of Rs. 1,225 crores have been diverted outside of India through the redemption, purchase, transfer, and buy-back of shares, FCDs, or fully convertible debentures, among other things.
The investigating agency added: "The group's modus operandi includes routing money to India from various entities based in tax havens like the British Virgin Islands and Mauritius, recording fictitious expenses in the books of account, writing off the project in progress, interest-free loans and advances to sister concerns, round-tripping of money through shell companies, and creation of assets both inside and outside India.
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