NEW DELHI: The ED on Friday stated it has hooked up land in Gurugram, value over Rs 300 crore, of actual property group M3M as a part of a cash laundering probe linked to an alleged land fraud case that additionally includes Congress chief and former Haryana chief minister Bhupinder Singh Hooda. To connect the land, a provisional order was issued by the federal probe company beneath the Prevention of Cash Laundering Act (PMLA).

The 88.29 acres of land is positioned in Basharia village of Harsaru tehsil in Haryana’s Gurugram district that borders Delhi.

The land is valued at Rs 300.11 crore, the Enforcement Directorate (ED) stated in a press release.

In a press release, a spokesperson of the true property group stated they had been “extremely upset with the extremely unwarranted, unjustified and uncalled for motion by the ED…to provisionally connect its land asset which is by no means related with any offence and on no account may be positioned within the purview of proceeds of crime as understood beneath the PMLA.”

The cash laundering case stems from a Central Bureau of Investigation (CBI) FIR that was filed towards Hooda, the chief of opposition within the Haryana meeting; former director of the Directorate of City and Nation Planning (DTCP), Trilok Chand Gupta; realty group R S Infrastructure Pvt. Ltd. (RSIPL); and 14 different coloniser corporations.

It was alleged that individuals, together with landowners, the state of Haryana after which Haryana City Growth Authority (HUDA) had been cheated by the accused, the ED stated. The HUDA has been renamed because the Haryana Shahari Vikas Pradhikaran.

The ED stated the accused cheated them by getting notifications issued beneath part 4 of the Land Acquisition Act, 1894, and subsequently additionally beneath its part 6 to accumulate lands of the respective landowners. This “compelled” them to promote their land to the coloniser corporations at a cheaper price than the prevailing worth, the company stated.

The accused, in accordance with the company, “fraudulently and dishonestly” obtained Letter of Intents (LOIs) or licenses on the notified land, inflicting loss to the landowners and the state of Haryana however bought wrongful positive aspects for themselves.

The ED stated RSIPL, an organization “beneficially owned” by M3M group promoters Basant Bansal and Roop Bansal, “colluded” with these talked about within the FIR and “unlawfully” bought authorized licenses for 10.35 acres of land for establishing a industrial colony by classifying their case for instance of “excessive hardship”, with out authorized foundation.

“Upon securing licenses to ascertain a industrial colony, the promoters of RSIPL didn’t develop a industrial colony which was a precondition for acquiring the licenses,” it claimed.

The M3M stated it was “disquieting to notice that the massive investments by the corporate within the land in query the place the residential/industrial undertaking is prone to be arrange has been ignored.”

“The potential of the undertaking which might generate employment for 1000’s of households has additionally been saved at bay. The motion of ED due to this fact, in attaching the asset is neither warranted in legislation nor tenable in fairness and justice,” the corporate’s spokesperson stated.

The assertion stated the corporate has accomplished its enterprise in “a most clear and lawful method throughout the guidelines and types of legislation.”

“The accusations are apparently mis-founded and misconstrued and the transactions which have taken place have been misinterpreted and blown out of proportions,” the spokesperson stated within the assertion.

The ED stated the accused offered the corporate, its shares and property, together with the stated licensed land for a “staggering” sum of Rs 726 crore to Lowe Realty Non-public Restricted, an related entity of the Religare Group.

“This fraudulent exercise of acquiring the stated licenses illegally has resulted within the era of proceeds of crime to the tune of Rs 300.15 crore which had been subsequently diverted from RSIPL to the promoters of RSIPL into their financial institution accounts and to the financial institution accounts of their relations,” the company alleged.

These funds, the ED stated, had been subsequently utilised for operational and enterprise bills of M3M group corporations.