ED Seizes 88 Acres Worth Rs 300 Crore in M3M India Money Laundering Probe

The ED has attached properties of M3M India Infrastructures valued at Rs 300 crore in a money laundering case. The investigation, sparked by a CBI FIR, involves allegations of fraud and unlawful land acquisition against former Haryana Chief Minister Bhupinder Singh Hooda and others.

The Enforcement Directorate (ED) has attached immovable properties totaling 88.29 acres, valued at Rs 300.11 crore, belonging to M3M India Infrastructures Private Ltd. This action is part of a money laundering investigation, according to an official release by the agency on Friday. The properties are located in Basharia village, Gurugram, Haryana.

The ED initiated the probe based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The FIR lists charges under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988. The allegations concern Bhupinder Singh Hooda, the then Chief Minister of Haryana, Trilok Chand Gupta, then Director of DTCP, and several others. They are accused of cheating landowners and defrauding the Haryana Urban Development Authority (HUDA) and the state.

The investigation found that RS Infrastructure Pvt Ltd (RSIPL), owned by M3M group promoters Basant and Roop Bansal, illegally secured licenses to develop a commercial colony and later sold the licensed land and other assets for Rs 726 crore to Lowe Realty Private Limited. The proceeds, estimated at Rs 300.15 crore, were allegedly diverted into accounts related to the Bansals and used for business expenses, continues the ED statement.

(With inputs from agencies.)