ED attached ₹300 crore worth of M3M India’s land parcels in Gurugram over alleged irregularities in obtaining licenses and non-development of a commercial project.
The Enforcement Directorate (ED) has tightened its grip on real estate developer M3M India in connection with an ongoing money laundering probe. In a recent development, the ED provisionally attached immovable properties worth approximately ₹300 crore belonging to M3M India Infrastructure Private Limited. These properties, spanning over 88 acres, are located in Basharia village of Gurugram’s Harsaru Tehsil.
The ED investigation alleges that RS Infrastructure Private Limited, a company beneficially owned by M3M Group promoters, colluded with unidentified individuals to unlawfully obtain licenses for developing a 10.35-acre commercial colony. The agency claims this approval was secured by falsely classifying the project as one of “extreme hardship.
Furthermore, the investigation revealed that the promoters did not even develop the commercial colony as mandated by the licensing agreement. M3M India has contested the ED’s actions, calling them “unwarranted” and denying any connection to money laundering.
