M3M India Condemns ED's Property Seizure as Unfair, Pledges to Protect Customers

GREATER NOIDA, July 19, 2024 — M3M India, a prominent real estate firm in Delhi-NCR, has strongly condemned the Enforcement Directorate’s (ED) recent action of seizing its property, describing it as highly improper and unjust. M3M India asserts that this seizure will significantly harm its customers and insists on its adherence to ethical corporate governance and transparency.

The Enforcement Directorate (ED) provisionally attached a land property of M3M India under the Prevention of Money Laundering Act, 2002 (PMLA). M3M India’s spokesperson highlighted that the property in question is unrelated to any crime and should not be considered proceeds of crime. The company previously contested similar actions by the ED in the Punjab and Haryana High Court, which resulted in a stay on those proceedings.

M3M India Main Facts and Developments

M3M India issued a statement on Friday, asserting that the ED’s action of attaching its land property is both unfair and legally unsound. The spokesperson emphasized that the property has no connection to any criminal activities and cannot be classified as proceeds of crime under PMLA. The company pointed out that it has already challenged similar actions by the ED in court, which led to a stay on the proceedings.

M3M India Expanded Details

The Enforcement Directorate’s previous actions involved attaching certain properties of M3M in connection with a PMLA case against Religare, which M3M India challenged in the Punjab and Haryana High Court. The spokesperson noted that the substantial investments made by the company in the land, designated for residential and commercial projects, were overlooked by the ED.

“The action of the ED is neither fair in law nor justified in equity and justice,” the spokesperson stated. “Our company remains committed to its customers and will not allow such unwarranted actions to impact its business or its commitment to its customers.”

Historical Context

M3M India has a history of maintaining transparency and adhering to ethical corporate governance. The recent actions by the ED are viewed by the company as a misinterpretation of legitimate transactions, which the company plans to challenge in legal proceedings.

The seizure could have significant financial implications for M3M India’s customers, potentially delaying or jeopardizing residential and commercial projects. The company is keen to expose the alleged falsehoods and lack of substance in the ED’s allegations during the legal process.

Customer Impact

M3M India has stressed that its primary objective is the welfare of its customers, and it reassures that this seizure will not deter its commitment to them. The company aims to mitigate any adverse effects on its projects and customer interests.

Company’s Stand

The company reiterated its stance on conducting business within the legal framework, emphasizing that all transactions were legitimate and transparent. The spokesperson added, “We are confident that the truth will prevail in the legal proceedings, and the baseless allegations will be exposed.”

M3M remains resolute in its commitment to ethical business practices and its customers’ welfare. The company plans to challenge the ED’s actions legally, striving to ensure that justice and transparency are upheld.

For more detailed information and updates, visit M3M India’s official website.

Readers can stay updated on this ongoing legal battle and its implications by following M3M India’s announcements and visiting their official website.

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