The Enforcement Directorate (ED) has reportedly seized luxury cars worth Rs 60 crore, including those of Ferrari, Lamborghini, Rolls Royce, Mercedes-Benz, Bentley, Land Rover and more, from real estate giants IREO and M3M. The ED has been carrying out search operations on the real estate groups in connection with a money laundering case.
The ED had conducted searches on June 1 at seven locations in Delhi and Gurugram. As per the ED, these searches were carried out under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
A total of 17 high-end luxury vehicles from brands such as Ferrari, Lamborghini, Land Rover, Rolls Royce, Bentley, Mercedes Maybach and more, were seized in the case. Moreover, the ED has also recovered jewelry or bullion worth Rs 5.75 crore, and cash of Rs 15 lakh.
The investigation agency revealed that the investigation are being conducted in response to multiple FIRs registered against IREO Group for siphoning off or misappropriating funds of the customers or investors. Moreover, the ED investigation has also reportedly shown money running to hundreds of crores has also been siphoned off through M3M Group.