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In a recent ruling, the Supreme Court granted bail to Basant Bansal and Pankaj Bansal, directors of the prominent Gurugram-based real estate conglomerate, M3M. The verdict came after a bench comprising Justices A S Bopanna and Sanjay Kumar carefully considered the submissions presented by legal representatives. The decision was finalized on September 11, marking a significant moment in the ongoing money laundering saga surrounding the realty firm.
The bail plea was initiated by the Bansals following the Punjab and Haryana High Court's decision on July 20, which denied their requests for bail on the grounds of the case's severity. Earlier, the Enforcement Directorate (ED) had taken the directors into custody due to their alleged involvement in a bribery-related money laundering investigation.
Casting the spotlight back to August 11, the apex court had solicited responses from both the Central Government and the Enforcement Directorate pertaining to the directors' bail plea. This plea was in response to the High Court's refusal to grant bail in connection to the ED's investigation, which was linked to accusations against a former judge.
Digging deeper, the money laundering charges against the Bansal brothers trace back to an FIR filed in April by Haryana's anti-corruption bureau. The FIR was against Sudhir Parmar, a former special judge overseeing ED and Central Bureau of Investigation (CBI) cases in Panchkula, his relative, and a third M3M director, Roop Kumar Bansal. The FIR alleges that Parmar showed undue favor to Roop Kumar Bansal, Basant Bansal, and real estate mogul Lalit Goyal, with regards to pending ED and CBI cases in his court.
Following these allegations, Parmar faced suspension from the Punjab and Haryana High Court. The Enforcement Directorate, in its statement, highlighted that they had gathered substantial evidence, including bank records and money trails, to support the claims made in the FIR prior to the arrests.
In conclusion, the Supreme Court's decision to grant bail to the M3M directors underscores the complexities surrounding the case. With the trail of evidence pointing towards multiple influential figures, the legal proceedings are expected to attract significant attention in the days to come. As the case unfolds, it promises to shed light on the intricate web of money laundering and alleged favouritism within the real estate and judiciary sectors.
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