Delhi HC Orders ED To Release Seized Assets Of M3M Group Promoters After ₹404 Crore Property Attachment

The Delhi High Court has directed the Enforcement Directorate (ED) to release cash, jewellery, vehicles, and fixed deposits seized from M3M Group promoters, noting that the agency had subsequently attached properties worth ₹404 crore belonging to the group.

A coram of Justice Mini Pushkarna passed the order while hearing a writ petition filed by Roop Bansal and others challenging, among other things, the seizure of assets and freezing of bank accounts by the ED.

The Court also directed the release of title deeds of land parcels deposited by the petitioners pursuant to an earlier court order.

During the pendency of the petition, the ED passed a Provisional Attachment Order, attaching land parcels belonging to the petitioners worth ₹404 crore. The petitioners contended that the attached properties were owned by them and were free from encumbrances.

The Court noted that their challenge to the summons issued on June 6, 2023, had become infructuous, as the summons required two of the petitioners to appear before the ED on June 7, 2023.

It noted that the ED had already provisionally attached properties worth ₹404 crore belonging to the M3M Group of Companies.

The Bench also took note of the ED's submission that the cash, jewellery, vehicles and fixed deposits seized earlier were no longer part of the investigation in the case.

The Court therefore directed that the assets listed in the ED's counter affidavit, including the seized cash, jewellery, vehicles and fixed deposits, be released forthwith to the petitioners or their authorised representatives.

The Court further directed:

“ title deeds of the parcel of land as deposited by the petitioners in terms of the order dated 12th June, 2023, passed in the present proceedings, shall be released forthwith to the petitioners.”

It clarified that the land parcels whose title deeds had been deposited before the Court vide its earlier order did not form part of the provisional attachment order dated July 17, 2026.

Accordingly, the Court disposed of the petition.

For Petitioners: Advocates Rajat Joneja, Avishkar Singhvi, Yash Varma and Vivek Kumar Singh

For Respondents: Advocates Vivek Gurnani (Panel Counsel for ED) and Kanishk Maurya