NEW DELHI: The Enforcement Directorate (ED) on Tuesday, November 16, 2021, arrested Lalit Goyal, managing director of NCR-based real estate company IREO Group, under the Prevention of Money Laundering Act, 2002 (PMLA). Charges against him include cheating and siphoning of funds of home buyers, investors and others.
A Special PMLA Court has remanded Goyal to seven days ED custody. He was detained at IGI Airport on November 11 after a lookout circular issued against him by ED, while he was trying to leave the country.
Goyal and his group has been charged with siphoning of funds through entities based in tax havens countries like British Virgin Islands, Mauritius etc, diversion of funds by way of buy-back of equity shares, recording of fictitious expenses in the books of accounts, and round tripping of funds through shell companies. According to ED, the Group has so far siphoned off over Rs 2,600 crore through these means.
Recent Pandora Papers Leak has also named four entities, which are indirectly owned by Goyal. These entities hold assets worth more than USD 77.73 million or Rs 575 crore. The ED had initiated money laundering investigation on the basis of FIRs registered at Panchkula by Haryana Police, FIR of Economic Offences Wing, Delhi, and FIR registered at PS Hauz Khas, Delhi, against IREO Private Limited, IREO Fiveriver Private Limited, Lalit Goyal and others.