Supreme Court Grants Bail to M3M Directors in Money Laundering Case

Supreme Court Grants Bail to M3M Directors in Money Laundering Case

VoM News Desk | October 3, 2023 | 02:10 PM IST | Breaking News, Courts & Law | Follow on Google News

Supreme Court Grants Bail to M3M Directors in Money Laundering Case

Supreme Court Grants Bail to M3M Directors in Money Laundering Case

In a significant legal development, the Supreme Court of India granted bail to Basant Bansal and Pankaj Bansal, both directors of the prominent Gurugram-based real estate giant, M3M Group. This ruling comes in the wake of a money laundering case that had ensnared the Bansal brothers. The bench of justices A S Bopanna and Sanjay Kumar, having reserved its verdict following hearings on September 11, finally extended relief to the directors of the realty conglomerate. Their legal journey to the Supreme Court commenced after the Punjab and Haryana High Court’s decision on July 20 to dismiss their bail pleas, emphasizing the serious nature of the case.

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Legal Battle Unfolds

The Bansal brothers, Basant and Pankaj, had previously faced arrest by the Enforcement Directorate in connection with a complex money laundering investigation that had links to an alleged bribery case. The Supreme Court, on August 11, had decided to seek responses from both the Central Government and the Enforcement Directorate concerning the bail plea filed by the accused directors. This action was prompted by the high court’s earlier refusal to grant them bail in the context of the Enforcement Directorate’s probe, which was entangled with an alleged bribery case involving a former judge.

The Money Laundering Allegations

The crux of the money laundering case that led to the arrests of Basant Bansal and Pankaj Bansal can be traced back to an FIR (First Information Report) filed by the anti-corruption bureau of the Haryana Police back in April. The FIR implicated Sudhir Parmar, a former special judge overseeing ED and CBI cases, who had been stationed in Panchkula, along with his nephew and another director from the M3M Group, Roop Kumar Bansal.

According to the FIR, the Enforcement Directorate had received credible information suggesting that Parmar had allegedly shown “favoritism” towards accused individuals Roop Kumar Bansal, his brother Basant Bansal, and the owner of the real estate firm IREO, Lalit Goyal. This alleged favoritism was evident in the handling of ED and CBI cases pending against them in Parmar’s court. Subsequently, the Punjab and Haryana High Court suspended Parmar following the registration of the ACB (Anti-Corruption Bureau) case.

The Enforcement Directorate has claimed to have amassed “incriminating evidence such as bank statements and money trails, etc.” to substantiate the allegations outlined in the FIR, which played a pivotal role in the subsequent arrests.

VoM News Desk

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