PMLA case against Religare Finvest, others: ED attaches assets worth Rs 124 crore

THE ENFORCEMENT Directorate ontuesdaysaidithasattachedassetsworthmorethanrs124crore belonging to various companies as part of a money laundering investigation against Religare Finvest Limited (RFL) and others.

“The properties attached, as part of a provisional order issued under the Prevention of Money Laundering Act (PMLA), are in the form of land and farm houses located in the 'posh' areas of Gurugram and Delhi and belong to R S Infrastructure Pvt. Ltd., Kenwood Mercantile Pvt. Ltd., M/s Goodfaith Builders Pvt. Ltd. and others,” an ED spokesperson said. The total value of these assets is Rs 124.57 crore.

“Kenwoodmercantilepvt.ltd. and Goodfaith Builders Pvt. Ltd areentitiesbelongingtothem3m group, a Gurugram-based realtor, and 430 acres of land in Gurugram and Faridabad belonging to these entities has been attached, being the proceeds of crime flowing through a maze of companies to the M3M group,” the spokesperson said.

The ED alleged a partnership firm by the name of M3M India Holdings—withitspartnersroop Kumar Bansal, Basant Bansal, Abha Bansal and Pankaj Bansal — had received proceeds of crime in excess of Rs 500 crore by showing sale of shares of a land owing companyrsinfrastructurepvtltd atagrosslyinflatedvalueofrs726 croretoanentitylowerealtypvt. Ltd. (currently known as Lowe Infra and Wellness Pvt. Ltd.). “The land owned by RS Infrastructure Pvt. Ltd. was deliberately inflated by M3M India Holdings (former shareholder of RS Infrastructure Pvt. Ltd.) to drain out hefty funds from Lowe Realty Pvt. Ltd., which borrowedthesameamountfrom Religare group,” the ED claimed.