The Enforcement Directorate on Monday conducted searches at a dozen locations in Delhi-NCR and Chandigarh in connection with a money laundering probe against real estate group IREO, officials said.
The raids were conducted at the premises of the group CEO and CFO under provisions of the Anti-Money Laundering Act. He said that about a dozen campuses have been covered in the National Capital Region (NCR) and Chandigarh.
The federal probe agency had on November 16 arrested Lalit Goel, the group’s vice-chairman and managing director, in a money laundering case related to the alleged diversion of home buyers’ money to the tune of Rs 2,600 crore.
The arrest in Chandigarh came when immigration officials stopped Goyal at the Indira Gandhi International (IGI) airport on November 11, “while he was trying to leave the country”.
The action was taken by the immigration authorities on the basis of the ED lookout circular issued against him. Goyal, whose sister is married to BJP leader Sudhanshu Mittal, was questioned at the airport and detained by the agency after which investigators interrogated him in Chandigarh.
The ED said its criminal investigation against Goyal is based on an FIR registered by Panchkula Police in Haryana and the Economic Offenses Wing (EOW) of Delhi Police against companies like IREO Pvt Ltd and IREO FiveRive Pvt Ltd and Lalit Goyal and others.
Officials said that searches are being conducted on Monday on the basis of some new revelations found in the case.
The ED had earlier said that the group had adopted a modus operandi which included “routing of funds from various entities located in tax haven countries like British Virgin Islands (BVI), Mauritius; diversion of funds through purchase of equity shares; accounts Recording of notional expenses in the books of; write-off of project in progress; loans and advances to affiliates; and round-tripping of funds through shell companies”.
It alleged, “The total amount involved is more than Rs 2,600 crore, a part of which is the proceeds of the offence.” Goel said, “was the settlor and designated beneficiary of a Guernsey-based foreign trust, which owns and controls entities holding assets outside India”. It said that in the recent ‘Pandora Papers’ of offshore asset holdings by individuals and firms, the names of four entities (which are owned by Lalit Goyal) registered at BVI and USD 77.73 million (approximately Rs. 575 crore)” .
The businessman and his legal team had previously denied any wrongdoing on their part and said that no money was diverted abroad in violation of the laws.
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