ED Seizes M3M Properties in Money Laundering Case Linked to Ex-CM Hooda

The Enforcement Directorate (ED) has taken a significant step in its ongoing investigation into alleged money laundering by attaching properties belonging to M3M India Infrastructures Private Limited. The attached properties, valued at approximately ₹300.11 crore, consist of 88.29 acres of land in Gurugram, Haryana. This case has gained prominence due to its connection to former Haryana Chief Minister Bhupinder Singh Hooda. 

Hooda's Alleged Involvement in Land Acquisition Scandal 

The case originates from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The FIR accuses several high-profile individuals, including former Haryana Chief Minister Bhupinder Singh Hooda and Trilok Chand Gupta, the former Director of the Town and Country Planning department, of corruption. Additionally, R. S. Infrastructure Private Limited (RSIPL) and 14 other colonizer companies are implicated in the scandal. 

The accused allegedly cheated landowners, the public, and the Haryana Urban Development Authority through a fraudulent land acquisition scheme. They are said to have manipulated the Land Acquisition Act to force landowners to sell their land at below-market prices to colonizer companies.

Misuse of Licenses and Illegal Profits 

According to the ED's investigation, RSIPL, owned by Basant Bansal and Roop Bansal (promoters of the M3M group), worked with the accused to illegally obtain licenses for 10.35 acres of land. They claimed "extreme hardship" to get approval for a commercial colony without proper legal grounds.

Instead of developing the promised commercial colony, RSIPL sold the company's shares and assets, including the licensed land, to Lowe Realty Private Limited, a Religare Group entity, for ₹726 crore. The ED claims this fraudulent act generated illegal profits of ₹300.15 crore. 

Money Trail and Diversion of Funds

The investigation revealed that the proceeds from this illegal activity were diverted from RSIPL to its promoters and their family members' accounts. The ED alleges that these funds were then used for operational and business expenses of various M3M group companies.

Impact on Haryana's Political Landscape 

This case highlights the complex web of corruption and money laundering that can exist in real estate and land development. The involvement of former CM Hooda adds a significant political dimension to the investigation, potentially impacting the political landscape in Haryana.

As the investigation continues, it may have far-reaching consequences for both the political scene in Haryana and the real estate sector in the region. The involvement of high-profile political figures and major business entities underscores the significance of this case and its potential impact on governance and business practices in the state.