News: Punjab & Haryana HC turns down M3M promoters plea for release in money laundering case-28-07-2023
The Punjab and Haryana high court has refused to release Basant Bansal and Pankaj Bansal, both directors of M3M, a real estate group based in Gurgaon, who are behind bars in connection with a money laundering case connected to former CBI judge Panchkula.
The HC has also asked the Enforcement Directorate (ED) to submit a status report pertaining to the case by August 22.
“On perusal of the material placed on record, it has been revealed that the allegations as levelled against Judicial Officer namely, Sudhir Parmar who is alleged to have taken undue favours from the present petitioners and other key persons of M3M group of companies and Managing Director of IREO company are being investigated by ED. The same are quite serious in nature. Keeping in view the gravity of the same, the prayer as made by the petitioners for grant of release from custody at this stage does not deserve to be accepted,” the HC has observed in its order released on Thursday
A division bench comprising Justice Ritu Bahri and Justice Manisha Batra of the HC has passed these orders while hearing a plea filed by Basant and Pankaj Bansal.
Both were arrested by the central agency in June. The bench, however, further observed that since as per the respondents (ED), further investigation for establishing the exact part played by the petitioners in the subject crime is going on, therefore, a direction is given to the respondents to submit status report qua the steps taken during the course of investigation as on August 22.
