Legal Update
Delhi HC Orders ED to Release Seized M3M Assets; ₹404 Crore Attachment Stays
The Delhi High Court has directed the Enforcement Directorate to release cash, jewellery, vehicles and fixed deposits seized from the M3M Group and its promoters. The agency's ₹404 crore property attachment remains in force.
| Court and case | Delhi High Court, W.P.(CRL) 1751/2023, Roop Bansal & Ors v. Union of India & Ors (Justice Mini Pushkarna) |
|---|---|
| Date of judgment | 14 October 2026 (first reports appeared 21–22 October 2026) |
| Attachment under challenge | Provisional Attachment Order No. 11 of 2026, dated 17 July 2026, attaching property valued at ₹404 crore |
| Assets ordered released | 17 vehicles, cash of ₹16,88,300, jewellery and bullion worth ₹5,77,15,325, and two fixed deposits of ₹10 crore and ₹7 crore |
| Land not covered by the release | Title deeds of land deposited under the court's order of 12 June 2023 are to be returned, because the ₹404 crore attachment is already in place |
| Attachment validity | 180 days from 17 July 2026, unless the PMLA Adjudicating Authority passes an order under Section 8(3); this works out to 13 January 2027 |
| Location of attached land | Bhondsi and Raiseena villages, Sohna, Gurugram |
What the court ordered
The Delhi High Court disposed of the writ petition and all pending applications in a judgment dated 14 October 2026. The petition was filed under Article 226 of the Constitution read with Section 482 of the CrPC by M3M Group companies, their promoters and related persons.
The court directed that the following be released forthwith to the petitioners or their authorised representatives:
- Seized vehicles (Table 1 of the ED's records, 17 items, including luxury cars registered to group companies and to individuals Roop Kumar Bansal and Basant Bansal)
- Seized cash of ₹16,88,300 (Table 2)
- Jewellery, gold, silver and bullion totalling ₹5,77,15,325, recovered from family members' premises (Table 3)
- Two fixed deposit receipts in the name of M3M India Private Limited: FDR no. 20247490 for ₹10,00,00,000 and FDR no. 17532447 for ₹7,00,00,000 (Table 4)
The court also directed that the title deeds of land deposited under its order dated 12 June 2023 be returned. The court's reasoning was that the ED had already secured ₹404 crore through the July 2026 attachment, and those parcels are not part of that attachment order.
The court was explicit that the order does not decide the merits of the 17 July 2026 attachment or the pending proceedings against the M3M Group of Companies.
The ₹404 crore attachment
The ED's Provisional Attachment Order No. 11 of 2026, dated 17 July 2026, was signed at Gurugram by M. Thangsungsang Zou, Deputy Director of the ED's Gurugram Zonal Office. It attaches property valued at ₹404 crore, which the ED describes as proceeds of crime. According to the order, the proceeds were generated from customer collections by IREO Group entities and diverted to M3M Group entities.
The attached land lies in two villages in Sohna, Gurugram:
- Bhondsi village, including parcels held by M/s GHI Finlease & Investment Ltd, with values listed at ₹257 crore for that company
- Raiseena village, including parcels held by several M3M-linked companies, among them M/s Promise Buildtech Pvt Ltd, M/s Shine Realcon Pvt Ltd, M/s Mark Propbuild Pvt Ltd, M/s Fortune Realtech Pvt Ltd and M/s Lotus Infra Solutions Pvt Ltd
The ED's search under Section 17 of the Prevention of Money Laundering Act (PMLA) was conducted on 1 July 2023 at business and residential premises of the M3M Group and its owners. The seizures and summons in the case date from early June 2023.
The ED's position and the petitioners' position
In its counter-affidavit dated 24 August 2026, the ED said the attachment of M3M-linked properties secures the proceeds of crime. It also said the seized cash, jewellery, vehicles and fixed deposits are no longer part of the investigation in this case. The agency said this was without prejudice to its rights in the pending PMLA prosecution before the Special Court.
In an affidavit dated 19 September 2026, the petitioners' authorised representative, Yateesh Wahaal, said the attached properties are free from encumbrances, charges, liens or third-party interests, and that certified Jamabandi records had been filed.
Counsel for the petitioners were Advocates Rajat Joneja, Avishkar Singhvi, Yash Varma and Vivek Kumar Singh. Panel counsel Vivek Gurnani, with Advocate Kanishk Maurya, appeared for the ED.
Earlier enforcement action against the group
This is not the first ED action against the group. In July 2024 the ED announced the attachment of 88.29 acres in Basharia village, Gurugram, valued at ₹300.11 crore, belonging to M3M India Infrastructures Pvt Ltd. An earlier ED action also attached land and farmhouses in Gurugram and Delhi worth about ₹124.57 crore, linked to several companies including RS Infrastructure Pvt Ltd, Kenwood Mercantile Pvt Ltd and Goodfaith Builders Pvt Ltd.
The company, founded in 2010 according to its own website, is based in Gurugram. It says it has launched 66 projects, completed 43 covering 20 million sq ft, and has 23 more under way covering 40 million sq ft. The corporate names in the ED's records show that the group works through several entities.
What it means for buyers and investors
The order has no direct effect on homebuyers. It concerns the seized assets of the M3M Group and its promoters, not buyer funds. It does not involve any sale, lease or launch of residential or commercial units.
For investors and lenders, the main point is that the ₹404 crore attachment remains in force. The group's attached land in Sohna stays under ED restraint for the attachment period. Release of the seized personal and company assets does not mean the group has been cleared. The court kept the merits of the attachment and the pending PMLA proceedings open.
Buyers who want to understand a group's legal position should read the ED's orders and the court record directly, and check any pending attachments on the land or project concerned before committing funds.
What happens next
- The release of the assets in Tables 1 to 4, and of the deposited title deeds, is to occur forthwith. No later date is set in the order.
- The ED's provisional attachment runs for 180 days from 17 July 2026. Unless the PMLA Adjudicating Authority passes an order under Section 8(3) before then, the attachment lapses, and this falls on about 13 January 2027.
- The pending PMLA prosecution before the Special Court continues, and the ED has reserved its rights there.
Frequently asked questions
Did the Delhi High Court cancel the ₹404 crore attachment?
No. The court ordered the release of seized cash, jewellery, vehicles, fixed deposits and certain deposited title deeds. It said the order does not decide the merits of the 17 July 2026 attachment order, which remains in force.
Which assets are being released to M3M?
The court directed release of 17 seized vehicles, cash of ₹16,88,300, jewellery and bullion worth ₹5,77,15,325, two fixed deposits of ₹10 crore and ₹7 crore, and the title deeds of land deposited under its 12 June 2023 order.
Does this ruling affect homebuyers?
There is no direct effect on buyers. The case concerns the group's own assets and promoters. The ED's underlying allegation involves customer collections diverted from IREO Group entities to M3M Group entities, which is a matter for the pending proceedings.
Where is the attached land?
The attached land is in Bhondsi and Raiseena villages in Sohna, Gurugram, according to the attachment schedule dated 17 July 2026.
How long does the ED attachment last?
The provisional attachment is valid for 180 days from 17 July 2026, unless the PMLA Adjudicating Authority passes an order under Section 8(3) earlier. That period ends around 13 January 2027.