India’s Enforcement Directorate (ED) has provisionally attached properties worth ₹13.17 billion ($160m) under the country’s AML/CFT law belonging to the real estate company IREO Private Limited, its Managing Director cum Vice President, associated entities and key managerial persons. The attached properties include land, commercial spaces, plots, residential properties, and bank accounts.
IREO and related individuals and entities had defrauded innocent buyers by falsely promising them to deliver real estate (flats, plots, commercial spaces etc.). However, they neither delivered the real estate, nor returned the buyers’ money.
Moreover, the directors of the company conspired with others to siphon off the victims’ money and send it abroad in the form of buy-back of shares, redemptions, etc., give loans and advances to associated entities and individuals, or give huge incentives to key managerial personnel. The individuals who received the funds invested them in immovable properties and stocks.
Source: Enforcement Directorate, India