The Enforcement Directorate (ED) took another big action in the case of money laundering by arresting Basant Bansal of M3M, know his net worth and family
The ED arrested Basant Bansal’s brother, Roop Bansal in the same case. The company has been now put under investigation by ED for allegedly misappropriating, syphoning, and diverting funds. The M3M Group and IREO Group have been caught laundering over Rs 400 crore, as per the agency.
Who is Basant Bansal M3M promoter arrested by the ED, net worth, biography, age, family, history
ED has arrested Basant Bansal and Pankaj Bansal [Key managerial persons of M3M Group] on 14/6/2023 in Judge Bribery Case and produced them before the designated PMLA Court, Panchkula. The Hon’ble Court has granted custody of 5 days to ED in respect of both the persons.
— ED (@dir_ed) June 15, 2023
Basant Bansal case explained
The ED has claimed that IREO Group has paid M3M Group Rs 400 crore through a number of shell firms and several layers, which the latter have claimed for having earned via development rights.
What ED says?
The M3M Group owned land and it had a market worth Rs 4 crore. For the price of Rs 10 crore, it sold 5 phoney firms having no apparent connection to land rights. The shell business has been run by the M3M Group, as per further inquiry into the subject, the agency has claimed.
The development rights for the same site were afterward sold by shell firms to IREO Group for roughly Rs 400 crore and money was subsequently transferred. The shell firms have transferred money to the M3M Group after receiving it.
As per the reports of the agency, companies stole over Rs 400 million from consumers and investors, while M3M Group kept the proceeds of crime and used them for funding other projects and also to settle debts.
Basant Bansal career and family
Basant Bansal is the founder and driving force behind the working of the M3M Group, as per the M3M website. As per their website, Bansal’s inclusive and forward-thinking mindset has been the catalyst for M3M Group’s explosive expansion. His brother Roop Bansal is also closely associated with his business.
Basant has a son named Pankaj Bansal. Pankaj got arrested with his father Basant. Basant’s son is presently serving as the Director of M3M India as per his LinkedIn profile. M3M stands for Magnificence in the Trinity of Men, Materials, and Money. Their company is having more than 300 employees working for them.
Basant Bansal is the Founder and Visionary behind M3M Group, one of India’s premiere business conglomerates with interests in Real Estate, Hospitality, Education and IT / SEZs.
With a wealth of Rs 17,250 crore, Basant Bansal and family of M3M India entered into the elite club of top 10 real estate developers in India, as per the GROHE-HURUN India Real Estate Rich List. While his DOB isn’t known, he is aged between 45-55 years.