New Delhi. The Enforcement Directorate (ED) has arrested M3M promoter Roop Kumar Bansal in a money laundering case. Bansal was detained on Thursday. The ED had recently conducted raids at the premises of IREO Group and M3M Group for allegedly duping their investors of Rs 400 crore. During the raid, luxury vehicles including Ferrari, Lamborghini, Land Rover, Rolls Royce, Bentley and Mercedes Maybach, with an acquisition value of Rs 60 crore, jewelery worth Rs 5.75 crore, cash amounting to Rs 15 lakh, and various incriminating documents, digital Evidence and books of accounts were seized by the ED.
Who is M3M promoter Roop Kumar Bansal
Roop Kumar Bansal is a builder from Gurugram. Roop Kumar Bansal is the promoter of M3M Group. There is an allegation of embezzlement of hundreds of crores on him. He has been arrested under the Prevention of Money Laundering Act. According to the ED, the entire game of money laundering has happened under the direction of Roop Kumar Bansal. Roop Kumar Bansal’s IREO and M3M siphoned off around Rs 400 crore. All this money belonged to investors and customers. Bansal used this money to pay off other investments and liabilities in order to convert black money into white.
Bansal kept trying to escape
The ED said that the owner, controller and promoter of M3M Group, Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key persons have been deliberately evading the investigation. Then, raids were conducted at seven places in Delhi and Gurugram (Haryana). The ED has currently registered an FIR against INSB and a thorough investigation into the misappropriation of money is underway.