ED plans to seek review of SC bail to M3M promoters, Real Estate News, ET RealEstate

November 2, 2023

NEW DELHI: The Enforcement Directorate may approach the Supreme Court to seek review of its grant of bail earlier this month to M3M real estate group’s promoters, Basant and Pankaj Bansal, in a corruption and money laundering case. The Bansals allegedly paid bribes to a former special court judge in Panchkula, Sudhir Parmar, to influence the case.

The ED arrested Parmar in August this year.

The apex court had allowed bail to the promoters of M3M Group on their plea that they had been called by the agency for questioning in a money laundering case related to Ireo real estate developers. However, once they arrived at the ED office, they were arrested in a different case in connection with the alleged bribing of the Panchkula special court judge.

On July 20, the Bansals were denied bail by the Punjab and Haryana High Court with the court observing that there were serious charges against them.

Sources said the ED has taken a legal view on the matter and found the bail order is likely to impact its investigation as the accused were evasive during their past questioning.

The Bansals had earlier approached the Delhi HC and obtained a no-coercive action order against ED summons, asking them to appear for questioning in an ongoing investigation against Ireo developers and its promoter, Lalit Goyal. In July, the agency arrested Goyal and Ajay Parmar, nephew of the former Panchkula special court judge, in the same case.

After Basant Bansal‘s arrest, the ED claimed that its investigation revealed that “Sudhir Parmar (posted as special judge for CBI and ED cases at Panchkula at the material time) was showing favouritism to the accused persons, namely Roop Kumar Bansal, his brother Basant Bansal, the owners of M3M, and Lalit Goyal, the owner of Ireo Group, in lieu of undue advantage extended to Sudhir Parmar in the criminal cases of the ED under PMLA and other cases of CBI pending against the above accused persons in his court”.

During a search operation against Bansals on June 1, ED officials seized 17 luxury vehicles worth Rs 60 crore from their premises.

  • Published On Nov 2, 2023 at 09:01 AM IST

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