IN a quiet operation conducted on Thursday,the Enforcement Directorate searched 12 residences and offices of the IREO-described as the largest global equity fund company invovled in the real estate sector in India.

IREO has over the past few years bought in over $1.8 billion into the real estae sector but were under investigation for alleged diversion of FDI to countries such as Mauritius and Cyprus as well as aquiring huge tracts of agricultural land for their eal state projects in states like Haryana,Uttar Pradesh and Tamil Nadu.

Officials told The Indian Express that IREO and its vicde chairman and managing director,Lalit Goyal ,have been under their scanner for a while since their was a pattern of diversion of FDI from several of the 14 projects under different satges of implementation,incluing SEZ projects.

When contacted,Goyal said,The ED surveyed one office of ours.Whatever we have done is according to law.And we have given them proof for the same.

The action of the ED action IREO has political implications as well since Goyal is a close relative of BJP leader Sudhanshu Mittal.