New Delhi: Enforcement Directorate (ED) conducted raids at several business premises in Gurugram and Delhi and seized documents, foreign currency and gadgets worth Rs 14 lakh. The companies are IREO, IDM Reality, Madeira Conbuild, Global-Estate and others.
The residents of the directors of these companies were also searched.
Following the raids, ED launched a money-laundering investigation based on FIRs registered in Panchkula by the Haryana and Delhi police
Cases were lodged against IREO Private Limited director Lalit Goyal and others for not providing flats/plots to home buyers and siphoning off their funds.
ED investigation also disclosed that the modus operandi adopted by the group includes routing of funds to India from various entities based in tax havens like the British Virgin Islands, Mauritius, diversion of funds by way of buyback of equity shares, recording of fictitious expenses in the books of accounts, writing off a 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. Total funds involved are over Rs. 2600 Crore, part of which are proceeds of crime.
The central agency’s 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.
The 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 approx.)
Earlier on November 16, Lalit Goyal was arrested and remanded by ED for 7. The custody has been further extended by 3 days till November 26.