ED attaches Rs 1,300 crore assets tied to real estate firm Ireo, its MD

NEW DELHI: The ED has attached assets worth over Rs 1,300 crore belonging to real estate developer Ireo Pvt Ltd, its managing director Lalit Goyal, and associated entities. Goyal is a close relative of BJP leader Sudhanshu Mittal, who has denied having any connection with Ireo, except that it is owned and managed by his relatives.
The properties under Prevention of Money-Laundering Act (PMLA) include land, commercial spaces, plots, residential houses and bank accounts.
Investigation against Ireo started in 2010 during the UPA regime for violations of Foreign Exchange Management Act (Fema) and alleged money laundering of around Rs 7,300 crore that came to Delhi from entities registered at common addresses in Mauritius and Cyprus. However, it was last year that ED arrested Goyal when he was trying to exit the country despite a lookout notice against him and being instructed not to leave India.
Goyal was arrested last year and a prosecution complaint (chargesheet) was filed on January 14.
Goyal, Ireo and associated entities and directors have at least 30 FIRs registered against them in Gurugram, Panchkula, Ludhiana and Delhi. "Probe revealed that they duped innocent buyers by promising to deliver flats/plots/commercial spaces," the ED has said.
The ED said the siphoned off money was laundered overseas in the guise of buy-back of shares and redemptions. The ED accused the directors of fudging records to show the outward remittances were loans and advances to associated entities and persons. These laundered money were used to buy assets by related entities in India and abroad, the ED claimed.