The Enforcement Directorate (ED) has seized a plot valued at INR 300 crore from M3M Real Estate in Gurugram as part of a money laundering investigation linked to politician Bhupinder Singh Hooda. The 88.29-acre land in Basharia village is implicated in alleged fraud involving undervalued land acquisitions and manipulative practices. The probe reveals that Hooda and associates, including RS Infrastructure Pvt. Ltd., used deceitful methods to acquire land below market value, resulting in financial gain and losses for landowners. M3M disputes the claims, arguing that the seizure overlooks their legitimate business practices and economic contributions.
The Enforcement Directorate (ED) has attached a plot of land worth over INR 300 crore in Gurugram belonging to the M3M real estate group. This action is part of a money laundering investigation related to a land fraud case involving former Haryana Chief Minister Bhupinder Singh Hooda. The provisional order for the attachment was issued under the Prevention of Money Laundering Act (PMLA).
The land in question spans 88.29 acres in Basharia village, Harsaru tehsil, located in Haryana's Gurugram district near Delhi. According to the ED, this land is valued at INR 300.11 crore. The case centers around allegations that Hooda and several other parties, including RS Infrastructure Pvt. Ltd. (RSIPL) and 14 other companies, engaged in fraudulent activities to acquire land at undervalued prices.
The ED's investigation reveals that the accused manipulated land acquisition processes by using notifications under sections 4 and 6 of the Land Acquisition Act, 1894, to force landowners to sell their properties below market value. This alleged deceit led to significant losses for landowners and the state, while the accused reportedly benefited financially.
RSIPL, which is linked to M3M group promoters Basant Bansal and Roop Bansal, is accused of colluding with the other defendants to secure licenses for 10.35 acres of land under false pretenses. The ED claims that RSIPL obtained these licenses by falsely presenting their case as one of "extreme hardship," but failed to develop the commercial colony as required. This alleged misconduct enabled the group to sell the land and its assets for INR 726 crore to Lowe Realty Private Limited, part of the Religare Group.
In response, M3M has expressed strong objections to the ED's action. A spokesperson for the company stated that the attachment of their land is unjustified and disconnected from any criminal activity. They argue that the investments made in the land and the potential economic benefits, including job creation, have been overlooked. The company maintains that its business operations are conducted transparently and legally, and that the accusations are based on misinterpretations and exaggerations.
The ED's investigation also highlights that funds generated from these alleged illegal activities were diverted to the bank accounts of RSIPL's promoters and their families. These funds were subsequently used for operational and business expenses of M3M group companies.
As the probe continues, the case raises significant concerns about land acquisition practices and regulatory oversight in the real estate sector.
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