ED arrests IREO builders MD Lalit Goyal
IREO Builders' MD Lalit Goyal arrested by ED on Tuesday
Goyal is said to be the brother-in-law of top BJP leader Sudhanshu Mittal
By Inder Vashisth
New Delhi, Nov. 16 (Delhi Crown): The Enforcement Directorate (ED) on Tuesday formally arrested Managing Director of IREO Group of companies Lalit Goyal under The Prevention of Money Laundering Act, 2002, (PMLA) in a case related to alleged cheating and siphoning of funds.
ED initiated money laundering investigation on the basis of FIRs registered at Panchkula by Haryana Police, FIR of Economic Offences Wing, Delhi, and an FIR registered at PS Hauz Khas, Delhi, against IREO Private Limited, IREO Fiveriver Private Limited, Lalit Goyal and others.
Modus operandi adopted by IREO group allegedly included routing of funds from various entities based in tax havens countries like British Virgin Islands (BVI), Mauritius etc, diversion of funds by way of buy back of equity shares, recording of fictitious expenses in the books of accounts, writing off project in progress, loans and advances to sister concerns and round tripping of funds through shell companies.
Total funds involved are over Rs. 2600 crore, part of which is proceeds of crime.
Investigation by the ED further revealed that Lalit Goyal is “settler and named beneficiary” of a Guernsey-based overseas Trust, which owns and controls entities holding assets outside India.
Recently, Pandora Papers Leak had also named four entities (which are beneficially owned by Lalit Goyal) having registered address in BVI hold assets having value more than 77.73 million U.S. dollars (Rs. 575 crore approximately).
Lalit Goyal was detained at Delhi’s IGI Airport in the wee hours on Nov. 11 in wake of the “Look Out Circular” issued against him by the ED, while he was allegedly trying to leave the country.
According to sources, during interrogation, Lalit Goyal was non-cooperative and did not divulge any relevant information.
“Therefore, he has been arrested today under Section 19 of PMLA 2002. A Special Court remanded him for 7 days’ ED custody,” said an official source. According to media reports, Lalit Goyal’s sister is married to BJP leader Sudhanshu Mittal, and has close connections with top leaders in the country.
