In a significant move against fraudulent financial practices, the Enforcement Directorate (ED) arrested Roop Bansal, promoter of real estate firm M3M, know his net worth
The arrest followed an extensive investigation into alleged money laundering activities involving the IREO Group and M3M Group.
Who is M3M promoter Roop Bansal arrested by ED, net worth, family, biography and news today
Official sources report that charges of fund diversion, siphoning off, and misappropriation sparked the investigation into these real estate firms. The ED identified money laundering activities worth over ₹400 crore involving IREO Group and M3M Group.
Promoter of real estate firm M3M group, Roop Bansal arrested by ED in a money laundering case of around 400 Crore rupees. #RoopBansal @MunishPandeyy @PoulomiMSaha pic.twitter.com/Kyfiq8fqgX
— IndiaToday (@IndiaToday) June 9, 2023
ED on thursday, arrested Roop Kumar Bansal, director of real estate company M3M. Bansal is arrested under the Prevention of Money Laundering Act (PMLA): ED Officials pic.twitter.com/IvKlqFixB4
— ANI (@ANI) June 9, 2023
This revelation led to multiple FIRs against the IREO Group, propelling the ED to dig deeper into the matter. These search operations spanned across seven locations in Delhi and Gurugram, all connected to the IREO Group and M3M Group.
09-Dec-2019 — Gurugram’s Roop Bansal and Basant Bansal of M3M India with a networth of Rs 910 crore were among the 96 richest realtors of the country in 2019.
Bogus transactions and shell companies in the name of Roop Bansal
The ED’s investigation revealed a convoluted web of transactions involving several shell companies. “In one such instance, M3M Group received approximately ₹400 crore from the IREO Group through a myriad of shell companies set up across various layers,” said an ED official.
Further investigation showed that the M3M Group had sold the development rights of a particular land to five shell companies for a payment of ₹10 crore. These companies, later revealed to be operated by the M3M Group, then sold the development rights of the same land to the IREO Group for a whopping ₹400 crore.
Money laundering allegations against Roop Bansal
After the deal, the M3M Group reportedly got the money back. This was made possible by a complex series of moves using shell companies. According to the ED, M3M Group ran all these shell companies. Basant Bansal, Roop Kumar Bansal and their family were the ones calling the shots.
This sneaky plan led to IREO and M3M wrongly taking about ₹400 crore from investors and customers. The M3M Group kept this money and supposedly used it to invest in other things and pay off debts.
Assets seized by the ED
During the investigation, the ED seized 17 high-end luxury vehicles, jewellery and bullion worth ₹5.75 crore, cash totalling ₹15 lakh, and a wealth of incriminating documents, digital evidence, and books of accounts. The ED also brought to light that the IREO Group failed to perform any development activities on the land and continually wrote off investments each year.
During the search operation, luxury vehicles, including Ferrari, Lamborghini, Land Rover, Rolls Royce, Bentley, and Mercedes Maybach, with an acquisition value of Rs 60 crore, jewellery, bullion worth Rs 5.75 crore, cash amounting to Rs 15 lakh, and incriminating documents, digital evidence, and books of accounts were seized.
According to the ED, the owners, controllers and promoters of M3M Group, namely Basant Bansal, Roop Kumar Bansal, Pankaj Bansal, and other individuals deliberately avoided investigations.
The ED also stated that all the shell companies were owned and operated by M3M Group under the directions of its promoters, Basant Bansal, Roop Kumar Bansal, and family members.
As the saga unfolds, it presents a stark reminder of the need for stringent regulations in the financial sector. The arrest of M3M’s Roop Bansal by the ED is a clear indication of the government’s commitment to battling money laundering and the misuse of investor funds.
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