The Enforcement Directorate (ED) has filed Prosecution Complaint (chargesheet) before Special Court at Panchkula, Haryana against Lalit Goyal, Vice-chairman cum Managing Director of IREO Group of companies named in the Panama Papers leak, and others under the Prevention of Money-laundering Act (PMLA) in a case related to multi-crore real estate scam.
The ED investigation, inter-alia revealed that over 1,050 homebuyers/investors of IREO Projects were duped of Rs 1,225 crore.
The Special Court, Panchkula on Friday took cognizance of the present prosecution complaint.
The ED had initiated money laundering investigation on the basis of FIRs under various Sections of Indian Penal Code (IPC) registered at various police stations across Gurugram, Panchkula, Ludhiana and Delhi. As many as 30 FIRs have been identified in the case so far, the ED said in a statement.
“The ED investigation inter-alia revealed that over 1050 homebuyers/investors of IREO Projects, namely IREO Fiveriver, The Corridors, IREO City, Gurgaon Hills in Haryana and IREO Waterfront Township in Punjab, among others, had made advance payments but are yet to receive their booked flats/plots despite a lapse of more than 4-5 years,” it said.
Investigation further revealed that IREO Group of companies could not complete the projects due to diversion and siphoning of funds. Customer receipts to the tune of Rs. 1,225 Crore have been diverted outside India in the form of redemption / purchase/transfer and buy-back of shares violating the FDI policy and other laws, it said.
“The modus operandi adopted by the group includes routing of funds to India from various entities based in tax havens like British Virgin Islands, Mauritius, recording of fictitious expenses in the books of account, 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,” it said.
Investigation further revealed that Lalit Goyal is “settler and named beneficiary” of an overseas Trust 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) which are holding assets of more than USD 77.73 million (Rs. 575 crore approximately) overseas, it said.
Goyal, was arrested on November 16 last year after a Look Out Circular (LOC) was issued against him and has since been in judicial custody. In the matter, searches were also conducted on November 22, it added.
