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Panchkula court has put on hold the trial proceedings in a high-profile money laundering case against real estate development company M3M India Ltd and its associates, including Lalit Goyal, former director of IREO Pvt Ltd. The Enforcement Directorate (ED) had initiated an investigation into alleged siphoning of funds from investors and homebuyers by IREO Group, which led to the registration of 30 FIRs across Gurugram, Panchkula, Ludhiana, and Delhi.

    The ED's supplementary prosecution complaint alleges that over 1,700 customers out of 4,705 did not receive possession of their flats or plots despite making payments to IREO Group companies. The agency claims that these customers were denied possession even after a delay of more than five years, with some having made payments exceeding ₹1376 crore.

    The ED's investigation revealed that IREO Private Limited and its group companies received approximately ₹8,300 crore in foreign direct investment and equity shares from a Mauritius-based company. The agency suspects that multiple shell companies were used to layer and divert funds from the IREO Group.

    A special PMLA court judge has allowed an application seeking a stay on further proceedings in the case until a chargesheet is filed by the investigating agency in the predicate offence. This decision follows a similar order in another case where trial proceedings were paused pending the submission of a final report.