IREO Management

The Supreme Court has stayed criminal proceedings against IREO Group Managing Director Lalit Goyal and Oberoi Realty Limited Chairman and Managing Director Vikas Oberoi over allegations of cheating, criminal breach of trust and forgery. A vacation bench of Justices PV Sanjay Kumar and Augustine George Masih issued notice to the Haryana government on a plea filed against an order of the Punjab and Haryana High Court. "The question as to whether the filing of the second complaint would amount to an abuse of process and as to whether the complainant approached the court with unclean hands requires further examination. Issue notice to the respondents ...In the meanwhile, there shall be stay of further proceedings in relation to FIR," the bench said. The top court was hearing a plea filed by IREO and the Oberoi groups challenging the June 6 order of the Punjab and Haryana High Court that upheld registration of FIR. The FIR was registered on the orders of the chief judicial magistrate at

An FIR was registered against nine people, including IREO Group Managing Director Lalit Goyal and Oberoi Realty Limited Chairman and Managing Director Vikas Oberoi, under various sections of cheating, criminal breach of trust and forgery, police said on Sunday. The FIR was filed on the orders of the Chief Judicial Magistrate at the DLF phase 2 police station on Friday following a complaint lodged by Advance India Projects Limited (AIPL), citing allegations of cheating, criminal breach of trust and forgery against the accused, the police said. According to the FIR, IREO and Oberoi -- both realty groups -- are accused of conspiring to defraud allottees who had invested funds since 2013, thus not only deceiving investors but also defrauding the AIPL Group. In its complaint, AIPL claimed that IREO Group embezzled approximately Rs 1,777 crore and sent it out of the country, adding that about Rs 1,376 crore was recovered as advances from the allottees. AIPL alleged that IREO collected Rs

M3M money laundering case: Representing a real estate firm, senior advocate Harish Salve said that no one will be safe in India unless the ED's drastic powers are reined in

The ED on Monday said it has seized luxury cars worth Rs 60 crore, including those of Ferrari, Lamborghini, and Bentley, and jewellery valued at Rs 5.75 crore during raids on real estate companies IREO and M3M in a money laundering investigation. The federal agency said in a statement that the searches were carried out on June 1 at seven of their locations in Delhi and Gurugram. The owners, controllers and promoters of the M3M Group -- Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key persons -- deliberately avoided investigations during the raids, the ED alleged. The agency has been investigating the IREO group for the last few years on charges of diverting, siphoning off and misappropriating funds of investors and customers, and it was later found that "huge amounts of money running into hundreds of crores were siphoned off through the M3M Group too". "In one of the transactions, M3M group received about Rs 400 crore from IREO Group through several shell companies in

The Enforcement Directorate has attached assets worth more than Rs 1,317 crore of real estate group IREO, its managing director and vice president Lalit Goyal and associated entities as part of a money laundering investigation. The attached properties include land, commercial spaces, plots, residential houses and bank accounts, the federal agency said in a statement issued on Saturday. The total value of these attached properties is Rs 1,317.30 crore. The ED took cognisance of at least 30 FIRs filed in various police stations located in Gurugram, Panchkula, Ludhiana and Delhi against the group, linked entities, its directors, key managerial persons and others, to file a money laundering case. The probe found, the agency said, that the accused allegedly "duped" innocent buyers by promising them to deliver flats, plots, commercial spaces etc.However, they neither delivered the projects nor returned their money. The directors of the company in connivance with others "siphoned off" mo

The Enforcement Directorate on Tuesday arrested the official of the real estate group

The Enforcement Directorate (ED) has arrested the vice chairman and managing director of real estate group IREO, Lalit Goyal, in connection with a money laundering case

The deal would see Varde take over the management of the firm's investments and develop its real estate projects, people said, asking not to be identified as the negotiations are confidential

The two hedge funds said they first noticed red flags with IREO management four years ago