ED Considers Supreme Court Bail Review
Real Estate

ED Considers Supreme Court Bail Review

The Enforcement Directorate (ED) is considering seeking a review of the Supreme Court's recent decision to grant bail to M3M real estate group's promoters, Basant and Pankaj Bansal, in a corruption and money laundering case. The Bansals are accused of paying bribes to a former special court judge, Sudhir Parmar, to influence the case. The ED had arrested Parmar in August.

The Supreme Court had granted bail to the M3M Group promoters because they were summoned for questioning in a money laundering case related to Ireo real estate developers. However, upon their arrival at the ED office, they were arrested in a separate case linked to the alleged bribery of the Panchkula special court judge.

In July, the Punjab and Haryana High Court denied bail to the Bansals, citing serious charges against them. The ED believes that the bail order may hinder its investigation, as the accused had been uncooperative during previous questioning.

The Bansals had previously obtained a no-coercive action order from the Delhi High Court against ED summons for questioning in an ongoing investigation against Ireo developers and its promoter, Lalit Goyal. In the same case, the agency had arrested Goyal and Ajay Parmar, the nephew of the former Panchkula special court judge.

Following Basant Bansal's arrest, the ED alleged that its investigation revealed that Sudhir Parmar had shown favouritism to the accused individuals, including Roop Kumar Bansal, Basant Bansal, and Lalit Goyal, in exchange for undue advantages in the cases involving the ED and CBI. During a search operation on June 1, ED officials had seized 17 luxury vehicles valued at Rs 600 million from the Bansals' properties.

The Enforcement Directorate (ED) is considering seeking a review of the Supreme Court's recent decision to grant bail to M3M real estate group's promoters, Basant and Pankaj Bansal, in a corruption and money laundering case. The Bansals are accused of paying bribes to a former special court judge, Sudhir Parmar, to influence the case. The ED had arrested Parmar in August. The Supreme Court had granted bail to the M3M Group promoters because they were summoned for questioning in a money laundering case related to Ireo real estate developers. However, upon their arrival at the ED office, they were arrested in a separate case linked to the alleged bribery of the Panchkula special court judge. In July, the Punjab and Haryana High Court denied bail to the Bansals, citing serious charges against them. The ED believes that the bail order may hinder its investigation, as the accused had been uncooperative during previous questioning. The Bansals had previously obtained a no-coercive action order from the Delhi High Court against ED summons for questioning in an ongoing investigation against Ireo developers and its promoter, Lalit Goyal. In the same case, the agency had arrested Goyal and Ajay Parmar, the nephew of the former Panchkula special court judge. Following Basant Bansal's arrest, the ED alleged that its investigation revealed that Sudhir Parmar had shown favouritism to the accused individuals, including Roop Kumar Bansal, Basant Bansal, and Lalit Goyal, in exchange for undue advantages in the cases involving the ED and CBI. During a search operation on June 1, ED officials had seized 17 luxury vehicles valued at Rs 600 million from the Bansals' properties.

Next Story
Real Estate

Della, Hiranandani & Krisala unveil Rs 11 billion themed township in Pune

In a first-of-its-kind initiative, Della Resorts & Adventure has partnered with Hiranandani Communities and Krisala Developers to develop a Rs 11 billion racecourse-themed township in North Hinjewadi, Pune. Based on Della’s proprietary CDDMO™ model, the hospitality-led, design-driven project aims to deliver up to 9 per cent returns—significantly higher than the typical 3 per cent in residential real estate.Spanning 40 acres within a 105-acre master plan, the mega township will feature an 8-acre racecourse and international polo club, 128 private villa plots, 112 resort residences, a ..

Next Story
Real Estate

Hansgrohe unveils LavaPura Element S e-toilets in India

Hansgrohe India has launched its latest innovation, the LavaPura Element S e-toilet series, introducing a new standard in hygiene-focused, smart bathroom solutions tailored for Indian homes and high-end hospitality spaces.Blending German engineering with minimalist aesthetics, the LavaPura Element S combines intuitive features with advanced hygiene technology. The series is designed for easy installation and optimal performance under Indian conditions, reinforcing the brand’s focus on functional elegance and modern convenience.“With evolving consumer preferences, smart bathrooms are no lon..

Next Story
Infrastructure Urban

HCC Net Profit Stands at Rs 2.28 Billion for Q4 FY25

Hindustan Construction Company (HCC) reported a standalone net profit of Rs 2.28 billion in Q4 FY25, a sharp increase from Rs 388 million in Q4 FY24. Standalone revenue for the quarter stood at Rs 13.30 billion, compared to Rs 14.28 billion in Q4 FY24. For the full fiscal year, the company reported a standalone net profit of Rs 849 million, down from Rs 1.79 billion in FY24. Standalone revenue for FY25 was Rs 48.01 billion, compared to Rs 50.43 billion in the previous year.Consolidated revenue for Q4 FY25 stood at Rs 13.74 billion, and for FY25 at Rs 56.03 billion, down from Rs 17.73 billion i..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?