Lalit Goyal, the managing director of real estate group IREO, was arrested by the Enforcement Directorate today in a case related to the alleged swindle of home-buyers money. Investigators say the allegations involve over Rs 2,600 crore.
The tycoon has been sent to seven days' custody. He was detained in the early hours of Thursday at the Delhi Airport when he was about to take a flight, reportedly to the US.
A lookout circular had been put out against Mr Goyal by the Enforcement Directorate, which investigates financial crimes.
Mr Goyal was questioned several times over the past few days; officials said he was "evasive", so his arrest was necessary.
"Goyal placed under arrest as he was not cooperating with the investigation. He was non-cooperative and did not divulge any relevant information," a senior official of the agency said.
Investigators say the group routed funds from various entities based in tax havens like Mauritius and the British Virgin Islands, and diverted funds through buyback of equity, recording of fake expenses, project write-odds, and round-tripping of funds through shell companies.
The businessman's name also figured in the "Pandora Papers", a global investigation on offshore funds.
Mr Goyal was named a beneficiary of a Guernsey-based overseas trust that owns and controls entities with assets outside India, the Enforcement Directorate said.
IREO has been under investigation since 2010 over a separate case involving the violation of the Foreign Exchange Management Act (FEMA).
The company is accused of moving $77 million in homebuyers' money, investment and shareholdings to an offshore trust.
Mr Goyal and his lawyers have denied any wrongdoing.
