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ED arrests M3M Group directors Basant, Pankaj Bansal on money laundering charges
The money laundering charges against Basant Bansal and Pankaj Bansal are linked to a corruption case against a former special judge
The Enforcement Directorate (ED) on Wednesday arrested realty firm M3M Group directors Basant Bansal and Pankaj Bansal on money laundering charges linked to a corruption case against a former special judge, people aware of the matter said on Thursday.
Haryana Anti-Corruption Bureau (ACB) in April filed the case against Sudhir Parmar, the judge, his nephew, and another M3M Group director Roop Kumar Bansal. Parmar allegedly favoured M3M Group directors and another real estate group IREO in the ED and Central Bureau of Investigation (CBI) cases. Parmar was suspended on April 27.
ED on June 1 raided premises linked to M3M promoters and others in a separate money laundering case against IREO Group and its promoter Lalit Goyal.
The agency on June 8 arrested Roop Kumar Bansal while the Delhi high court granted Basant Bansal and Pankaj Bansal interim protection from arrest.
In a statement after the June 1 raids, ED alleged that a “huge amount of money running into hundreds of crores was siphoned off through the M3M Group” in the case against the IREO Group. It alleged M3M Group allegedly received about ₹400 crore from the IREO Group through several shell companies in multiple layers.
Sameer Chaudhary, IREO Group’s lawyer, in an email on May 11 denied allegations of any misconduct or wrongdoings. The email said that IREO or its officials or persons associated with it did not approach Parmar in any manner. “The proceedings before the court were held as per the due process of law. IREO has full faith in the investigating authorities of the country to look into the evidence and showcase the truth,’’ the email said.
Parmar was presiding over the trials of CBI and ED cases involving real estate developers, retired bureaucrats, and politicians. On April 18, ACB questioned him at his official residence in Panchkula.
The First Information Report registered in the case cited “reliable source information”, WhatsApp chats, and audio recordings and accused Parmar of “grave misconduct, abuse of official position and demand/acceptance of undue advantage/bribe from the accused” in cases pending in his court.
