ED Seizes Land Worth Rs 300 Crore in M3M India Money Laundering Case
The Enforcement Directorate (ED) has attached 88.29 acres of land valued at Rs 300.11 crore belonging to M3M India Infrastructures Private Ltd. This action is part of an investigation into an alleged money laundering case.
Details of the Case
The properties, located in Basharia village in Gurugram, Haryana, were attached following a First Information Report (FIR) by the Central Bureau of Investigation (CBI). The FIR includes allegations against Bhupinder Singh Hooda, the former Chief Minister of Haryana, and others.
Allegations
The accused allegedly cheated landowners and the state by issuing notifications under the Land Acquisition Act, 1894, compelling landowners to sell their land at lower prices. They fraudulently obtained licenses for commercial colonies, causing losses to landowners and the state.
Investigation Findings
The investigation revealed that RSIPL, owned by Basant Bansal and Roop Bansal of the M3M group, colluded with others to unlawfully obtain licenses for 10.35 acres of land. They did not develop the commercial colony as required and later sold the land for Rs 726 crore to Lowe Realty Private Limited, associated with the Religare Group.
The illegal activities generated Proceeds of Crime (PoC) amounting to Rs 300.15 crore, which were diverted to the promoters’ bank accounts and used for M3M group companies’ expenses.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering.
Rs 300 Crore -: Rs 300 Crore means 300 crore rupees. A crore is a unit in the Indian numbering system equal to ten million (10,000,000). So, 300 crore rupees is a very large amount of money.
M3M India -: M3M India Infrastructures Pvt Ltd is a company that deals with real estate and infrastructure projects in India.
Money Laundering -: Money laundering is the process of making illegally-gained money appear legal. It involves hiding the origins of money obtained through illegal activities.
CBI FIR -: CBI stands for Central Bureau of Investigation, which is India’s top investigative agency. FIR stands for First Information Report, which is a document prepared by police when they receive information about a crime.
Haryana -: Haryana is a state in northern India. It is known for its rich culture and history.
Bhupinder Singh Hooda -: Bhupinder Singh Hooda is a politician who served as the Chief Minister of Haryana. He is involved in this case for allegedly cheating landowners and the state.
Licenses -: Licenses in this context refer to official permissions given by the government to use land for specific purposes, like building houses or businesses.
