M3M’s Roop Bansal's bail decision deferred

13 Sep 2023 CW Team

A special court has deferred its decision on the bail application of M3M's Managing Director, Roop Bansal, to Tuesday. Simultaneously, another court issued production warrants for the same day against Bansal in a Prevention of Money Laundering Act (PMLA) case linked to former CBI judge Sudhir Parmar.

Bansal's counsel argued in the bail application that the Enforcement Directorate (ED) had failed to file the complete challan within the stipulated time frame.

The court is expected to rule on a bail application filed by Ireo MD Lalit Goyal. Additionally, it will address a defence counsel's application to dismiss proceedings against Bansal in the ACB case.

Earlier, Bansal, Ajay Parmar, and Sudhir Parmar were the primary accused in an ACB case filed in April. Apart from Bansal, the ED has arrested Goyal, Sudhir Parmar, Ajay Parmar, and M3M directors Bansant Bansal and Pankaj Bansal.

Roop Bansal was arrested in a PMLA case in 2021, while Lalit Goyal was the key figure in a Rs 4.00 billion money laundering case. Roop Bansal and his associates were accused of funneling proceeds of crime through various linked shell companies.

As Roop Bansal's bail application relied on technical grounds, ED investigators sought his production warrants to compel him to participate in the ACB case investigation.

Jail authorities will present Roop Bansal in the ED court on Tuesday.

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