In a major revelation, investigation has revealed that M3M company Mangalam Multiplex private limited acquired land from Lalit Goyal controlled SU Estates private limited in complete violation of FDI norms and regulations as per sale deed no 7851 dated 7th August 2009 , a copy of the same has been seen and examined by the reporter.
Interestingly M3M was the broker for IREO when IREO was acquiring land in Gurgaon and Lalit Goyal used IREO funds for acquiring land in the name of SU estates. Once land was acquired on an agricultural basis and this land came in the master plan of Gurgaon in sector 65 , S U estates sold the land to M3M without obtaining any license or approvals from the government . Trading in real estate is prohibited as per FDI guidelines therefore SU estates sold land to M3M on an agricultural basis at much below market price.
IREO managing director Lalit Goyal was arrested by the Directorate of Enforcement in November 2021 and is currently in judicial custody.
Enforcement Directorate is conducting a probe on the financial dealings of IREO and M3M at the moment.
The scale of the IREO M3M scam is getting larger with each passing day as new details about the financial irregularities surface. The investigative agencies need to carry out a comprehensive probe to uncover and unravel the scam. Read for more details.