The Enforcement Directorate has attached properties worth ₹1,317.30 crore belonging to IREO Private Limited, its managing director and vice-president Lalit Goyal, associated entities, and other key managerial persons.
The attached assets include land, commercial spaces, plots, residential houses, and bank accounts.
The ED case is based on the basis of 30 First Information Reports registered at various police stations across Gurugram, Panchkula, Ludhiana, Delhi, and other places against IREO and others.
According to the agency, the accused duped the buyers by promising them to deliver flats, plots, commercial spaces, and other properties. However, they neither delivered the projects nor did they return the money.
The ED alleged that the company directors siphoned off the funds and transferred them overseas in the form of buy-back of shares, redemptions, fully convertible debentures, and for giving loans and advances to associated entities/persons, excessive incentives, and advances to key managerial persons.
A significant portion of the money was invested in immovable properties and shares of various companies within and outside the country.
The ED had earlier arrested Mr. Goyal on November 16, 2021, and conducted searches against those involved. Subsequently, a chargesheet was filed against them in January.
