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In a significant crackdown on alleged corporate misconduct, Lalit Goyal, the CEO of real estate titan IREO, was arrested by India's Enforcement Directorate (ED) on Tuesday. The arrest is part of a larger money laundering investigation tied to purported bribery of a formerly assigned judge, according to sources.
Goyal was apprehended in Gurugram by the federal agency acting under the Prevention of Money Laundering Act (PMLA). It's expected that Goyal will be presented before a special court this week, where the ED will seek his remand.
The root of this case originates from a complaint filed in April by Haryana Police's Anti-Corruption Bureau against Sudhir Parmar, a special judge for the Central Bureau of Investigation (CBI) and ED who has since been suspended. The investigation also involves Parmar's nephew, Ajay Parmar, as well as Roop Kumar Bansal, a prominent figure in the M3M realty group.
This latest arrest marks the fourth made by the agency in under a month, as part of this ongoing investigation. Prior to this, Ajay Parmar and M3M group directors and key managers, Basant Bansal and Pankaj Bansal, were also apprehended by the ED.
As per the FIR filed by the Anti-Corruption Bureau, reliable intelligence indicated that Sudhir Parmar may have shown undue favour to Bansal brothers and Goyal in the corruption and other cases pending against them. The allegation suggests a potential misuse of power, tilting legal scales in favour of the accused.
It's worth noting that Goyal had previously been arrested by the ED back in 2021 in a separate money laundering case.
The ongoing crackdown by the ED exemplifies a determined effort against corporate misconduct and corruption in the higher echelons of business in India. With the arrest of the prominent real estate executive Lalit Goyal, the case shines a spotlight on the purported collusion between powerful corporates and the judiciary, stirring public dialogue around the need for transparency and fairness within the legal system.
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