ED Cracks Down on M3M Realty: Rs 300-Crore Land Attachment in Money Laundering Probe
The Enforcement Directorate has attached a massive 88.29 acres of land in Gurgaon, worth over Rs 300 crore, belonging to M3M Realty, as part of a money laundering investigation linked to a high-profile land fraud case involving a former Haryana chief mini
M3m RealtyMoney LaunderingEnforcement DirectorateLand FraudBhupinder Singh HoodaReal EstateJul 19, 2024
The ED's action is based on a first information report (FIR) filed by the Central Bureau of Investigation (CBI) against Hooda, former director of the Directorate of Town and Country Planning, Trilok Chand Gupta; realty group R S Infrastructure Pvt. Ltd. (RSIPL); and 14 other colonizer companies. The fraud allegations date back to 2009, when Hooda was the chief minister of Haryana.
The ED alleges that the accused, including landowners, the state of Haryana, and the Haryana Urban Development Authority, were cheated by the issuance of notifications under the Land Acquisition Act, 1894. This compelled the landowners to sell their land to colonizer companies at a lower price than the prevailing market rate. RSIPL, a company beneficially owned by M3M group promoters Basant Bansal and Roop Bansal, colluded with the accused and obtained licenses for 10.35 acres of land to establish a commercial colony. However, the company failed to develop the colony.
The ED's provisional order, issued under the Prevention of Money Laundering Act (PMLA), aims to curb the menace of money laundering and protect the rights of innocent landowners. The agency's move is expected to send a strong message to real estate developers and corporates involved in fraudulent activities.
M3M Realty, on the other hand, has denied any wrongdoing and termed the ED's action as 'unwarranted and unjustified.' The company, however, is yet to provide any clarification on the allegations levelled against it.
The case highlights the need for greater transparency and accountability in the real estate sector, particularly in Haryana, where several instances of land fraud and money laundering have been reported in recent years.
Information
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and preventing money laundering in India. M3M Realty is a prominent real estate group based in Gurgaon, Haryana, known for its luxury residential and commercial projects.
The Enforcement Directorate (ED) is a specialized agency responsible for investigating and prosecuting money laundering cases in India. M3M Realty is a leading real estate developer with a strong presence in the National Capital Region (NCR).
Frequently Asked Questions
What is the Enforcement Directorate (ED)?
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and preventing money laundering in India.
What is M3M Realty?
M3M Realty is a prominent real estate group based in Gurgaon, Haryana, known for its luxury residential and commercial projects.
What is the Prevention of Money Laundering Act (PMLA)?
The Prevention of Money Laundering Act (PMLA) is a law aimed at preventing and controlling money laundering in India.
What is the alleged role of Bhupinder Singh Hooda in the land fraud case?
Bhupinder Singh Hooda, the former Haryana chief minister, is accused of cheating landowners and the state of Haryana by issuing notifications under the Land Acquisition Act, 1894, for personal gain.
How much land has been attached by the Enforcement Directorate (ED)?
The ED has attached 88.29 acres of land in Gurgaon, valued at over Rs 300 crore, belonging to M3M Realty.
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