Guwahati: The real estate firm IREO Pvt Ltd, its Managing Director/Vice President Lalit Goyal, affiliated entities and key managerial personnel have had properties worth Rs 1,317.30 crore attached, the Enforcement Directorate (ED) announced on Saturday.
The properties were seized under the 2002 Prevention of Money-Laundering Act (PMLA). Land, business space, plots, residential homes, and bank accounts are among the properties that are linked.
IREO Pvt Ltd, connected entities, its directors, senior managerial figures, and others were the targets of 30 FIRs filed under Sections 120-B, 420, 467, and 471 of the Indian Penal Code, 1860 at various Police Stations throughout Gurugram, Panchkula, Ludhiana, and Delhi.
The ED’s investigation revealed that they defrauded unsuspecting buyers by promising to deliver apartments, plots, and business spaces; nevertheless, they failed to do so or to reimburse them for their money.
“Investigation further revealed that the directors of the Company in connivance with others siphoned off money collected from buyers and did not use for the intended purpose rather sending money outside India in the form of buy-back of shares, redemptions and giving loans and advances to associated entities and persons, giving excessive incentives and advances to key managerial persons to fudge the books of account who in turn invested it in purchasing immovable properties and shares of various companies within and outside the country,” said the ED in a statement.
Prior to that, Lalit Goyal, the primary managerial figure, was detained on November 16, 2021, and searches were also carried out on November 22 at the company’s and key individuals’ locations. On January 14 of this year, a prosecution complaint was subsequently filed, and a special court was informed of it.