IREO Group Chairman Lalit Goyal arrested in money laundering case

IREO Group Chairman Lalit Goyal arrested in money laundering case

The Enforcement Directorate (ED) has arrested Lalit Goel, vice-chairman and managing director of real estate group IREO, in connection with a money laundering probe against him, officials said on Tuesday.

He said the trader has been detained by the Federal Investigation Agency in Chandigarh under the provisions of the Prevention of Money Laundering Act (PMLA) and will be produced before a local court for remand.

Goel was stopped by immigration officials at the Indira Gandhi International (IGI) airport last Thursday on the basis of the ED’s look out circular.

He had to take a flight to America.

Goyal was questioned at the airport and detained by the agency after which he was being questioned in Chandigarh.

Officials said he was evasive while answering questions from investigators, so he was arrested.

The businessman, whose sister is married to BJP leader Sudhanshu Mittal, has been investigated in connection with a money laundering case involving an alleged diversion of home buyers’ funds, investments and shareholdings of an estimated USD 77 million (equivalent to ₹1 million). is going For some offshore entities.

Goyal’s name also cropped up in the ‘Pandora Papers’ global leak of offshore funds.

The businessman and his legal team had earlier denied any illegality on their part and said that no money was remitted abroad in violation of the laws.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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