Ireo Group MD Lalit Goyal Arrested by ED
Lalit Goyal, vice chairman and managing director of the Ireo Group, was detained by the Enforcement Directorate on Tuesday with a money laundering case. Sources said Goyal was being questioned in connection with a lawsuit launched by the ED at its Chandigarh office, investigating a Foreign Exchange Management Act (FEMA) violation case against the business since 2010.
A lookout circular had been filed against him, and thus he was detained. He was being questioned by the ED every day, but he was dodging inquiries. He had to be arrested because he was not complying, according to a top ED officer.
According to sources, he has been escorted to Chandigarh, where he will be brought before a competent court. The corporation had shifted US $ 77 million to offshore Trusts, according to a report published on October 12, even as purchasers and investors had sued authorities and courts seeking their money back. In 2018-19, the leading company of the IREO Group, IREO Private Limited, lost Rs 500 crore.
Four entities registered in the British Virgin Islands much before the group got into trouble, according to revelations made in the Pandora Papers expose. Internal records from Trident Trust, a multinational business services firm, confirmed this. His residential address was Marina Bay Residences, 18 Marina Boulevard, #45-08, Singapore. Goyal is the ‘Settlor,’ the person who establishes or creates the Oak Veneer Trust.
According to the latest assessment submitted with Indian tax authorities, Goyal is a Non-Resident Indian, according to Sastra Legal, Advocates and Solicitors’ response to the October 12 report on his behalf. “It is emphasized that Mr. Lalit Goyal’s investments are lawful, and no funds from homeowners have been invested or ‘illegally siphoned’ off,” the law firm claimed.