The Enforcement Directorate (ED) has conducted searches at 11 places in Delhi and Gurugram in connection with its ongoing money-laundering investigation against the IREO group and its Managing Director Lalit Goyal, who was arrested last week, the agency said on Tuesday.
The federal agency carried out raids on Monday at the business premises of IREO Private Limited and its two group companies IDM Reality Private Limited and Madeira Conbuild Private Limited, as well as one partner firm Global Estate.
Besides, the ED conducted searches at the residential premises of the directors and associates of these firms namely Lalit Goyal, Jai Bharat Aggarwal, Anupam Nagalia, Madhukar Tulsi, CA Anil Kumar Goel at Gurugram and Delhi.
ED search has resulted in the seizure of property documents and foreign investment papers, laptops, mobile phones and Indian and foreign currency worth Rs 14 lakh.
ED initiated a money-laundering investigation on the basis of FIRs registered at Panchkula by Haryana Police, FIR of Delhi Police's Economic Offences Wing and FIR registered at Delhi's Hauz Khas police station against IREO Private Limited, Lalit Goyal and others for not providing flats and plots to home buyers and siphoning off their funds.
"ED investigation revealed that the modus operandi adopted by the group includes routing of funds to India from various entities based in tax havens countries like British Virgin Islands, Mauritius, diversion of funds by way of buy back of equity shares, recording of fictitious expenses in the books of accounts, writing off project in progress, interest-free loans and advances to sister concerns and round-tripping of funds through shell companies and creation of assets within and outside India," said the agency.
Total funds involved are over Rs 2,600 crore, part of which are proceeds of crime, said the ED.
The investigation further revealed that Lalit Goyal is a settler and named beneficiary of an overseas trust based in Guernsey which owns and controls entities holding assets outside India. Recent Pandora Papers Leak has also named four entities (which are beneficially owned by Lalit Goyal) having registered address in BVI hold assets having value more than USD 77.73 million (Rs 575 crore approximately).
On November 16, Lalit Goyal was arrested and remanded for seven days ED custody by Special Court. The ED custody has been further extended by three days till November 26.
( With inputs from ANI )
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