E-Paper
IREO’s Lalit Goyal gets regular bail in money laundering case
The vice-chairman and managing director of realty giant IREO Group, Lalit Goyal, who was arrested by the Enforcement Directorate (ED) last November in a ‘multi-crore real estate scam’, was on Friday granted regular bail by the Punjab and Haryana high court
The vice-chairman and managing director of realty giant IREO Group, Lalit Goyal, who was arrested by the Enforcement Directorate (ED) last November in a ‘multi-crore real estate scam’, was on Friday granted regular bail by the Punjab and Haryana high court.
Justice Arvind Sangwan of the HC said after going through Goyal’s medical records based on the report of a medical board constituted by Ambala civil surgeon, he finds that Goyal’s case would be covered under Section 45(i) of the Prevention of Money Laundering Act (PMLA) as he is a sick person requiring urgent medical treatment.
The court said during his custody for a period of about three months, Goyal was repeatedly advised medical care. “Accordingly, this petition is allowed and the February 24 order granting interim bail to the petitioner, is hereby made absolute,” the HC ordered on April 8.
The IREO vice-chairman was arrested by the ED in November 2021 in a PMLA case pertaining to cheating and siphoning of funds of home buyers and others. In February 2022, the ED had presented a prosecution complaint (challan) against Goyal in a special PMLA court in Panchkula.
Goyal had petitioned the HC, seeking grant of regular bail on medical grounds in accordance with Section 45 of the PMLA. He was granted interim bail on February 24.
Seeking a regular bail for him, Goyal’s counsel argued that in 2004-2005 six companies – IREO Pvt Ltd, IREO Fiverivers, IREO Waterfront, Puma Realtors, IREO Residences, and IREO Grace Realtech were incorporated and Goyal was one of the directors from 2009 to 2012. He had resigned from the post of director on April 6, 2012. IREO Funds is an independent entity based in Mauritius and has invested in the residential and commercial projects in India under the foreign direct investment policy and also invested huge amount in dollars in all these six companies, his counsel said.
The counsel said between 2011-18, certain amount invested by IREO Funds was remitted back in the form of buy-back shares after 17 years of the investment as most of the projects were completed and possession was handed over. This was within the scope of FDI policy and under the provisions of the Companies Act, 1956.
In the meantime, the petitioner, in 2010, had joined IREO Singapore as president and later his designation was changed as MD and then, non-executive director. In 2011, he had entered into a consultancy agreement with IREO Management (I) and (II) Ltd, which are independent companies and were merely giving advice to IREO Funds, another independent company.
It is submitted that the petitioner was residing in Singapore till March, 2020 and was filing his income tax returns there, the counsel said.
The counsel said closure reports have been filed in 13 FIRs registered by allottees from 2018 to 2021 against IREO and IREO Fiverivers with the allegations that there is a delay in completing the projects and handing over the possession. The closure reports have been filed on settlement.
“On June 15, 2021, a case (ECIR) was registered by ED under PMLA, taking all 13 FIRs as scheduled offence. The issuance of lookout notice, despite the fact that the petitioner was granted permission on November 9, 2021 to travel abroad by the special judge (Companies Act) Dwarka courts (SW), New Delhi in presence of ED officials, was not bonafide,” Goyal’s counsel said.
