Vice-chairman and managing director of real estate group IREO, Lalit Goyal, has been arrested by the Enforcement Directorate (ED) in connection with a money laundering case against him, officials said on Tuesday.
Goyal will be produced before a local court in Chandigarh and was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA) by the federal probe agency.
The ED had put out a look out circular against him and he was stopped by by immigration authorities last Thursday at the Indira Gandhi International.
Here's a look at who he is and why he was arrested.
Who is Lalit Goyal?
Lalit Goyal is the co-founder of the IREO Group, a leading property developer in India. Established in 2004, the company has a strong presence in Delhi NCR (including Gurgaon), Punjab, Tamil Nadu and Goa.
Before IREO, Lalit Goyal has worked, according to reports, with Pergo AB and Wimco Ltd.
The businessman's sister is married to BJP leader Sudhanshu Mittal.
Goyal’s name figured in the 'Pandora Papers' global leak of offshore funds. He has denied any illegalities and his legal team has said no funds were diverted abroad in violation of laws.
In 2018, Lalit Goyal was accused of swindling up to $1.5 billion from its overseas investors, according to a Bloomberg report.
The report said that Axon Capital LP and the Children’s Investment Fund Foundation, which poured in approximately $300 million, alleged that Goyal formed shadow companies to drain money from investors in a criminal conspiracy that involved dumped documents and “astonishing theft”.
The current case against Goyal
Presently, the businessman is being probed in relation to a money laundering case linked to the alleged diversion of an estimated $77 million of home buyers' funds, investments and shareholdings to some offshore entities.
PTI reported that on Thursday, when Goyal was stopped at the airport, he was supposed to board a flight to the US and his name was flagged.
Authorities said he has been arrested after he was "evasive" while replying to the questions of the investigators.
With inputs from PTI
from Firstpost India Latest News https://ift.tt/3cjHj65
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