ED Attaches 401.65 Acre Lands Worth Rs 834.03 Crore of Emaar India & MGF Developments
The Enforcement Directorate (ED) has recently attached a massive amount of immovable properties worth Rs 834.03 crore belonging to Emaar India Ltd and MGF Developments Ltd, according to a statement made by the agency on Thursday.
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The attached properties, spanning a total of 401.65479 acres, consisting of land located in 20 villages in Haryana’s Gurgaon district and Delhi, have been valued at approximately Rs 501.13 crore and Rs 332.69 crore for EMAAR India Ltd and MGF Developments Ltd respectively.
The reason behind the attachment of these properties is that both EMAAR India Ltd and MGF Developments Ltd are currently under investigation for alleged money laundering in connection with their acquisition of license no. 97/2010 from the Department of Town and Country Planning (DTCP) for a residential colony located in Sector-65 and 66 of Gurgaon.
The ED launched the investigation following an FIR filed by the Central Bureau of Investigation (CBI) against Bhupinder Singh Hooda, the former Chief Minister of Haryana, Trilok Chand Gupta, former director of DTCP, EMAAR MGF Land Limited, and 14 other colonizer companies. The case revolves around allegations of cheating landowners, the general public, and the state of Haryana by acquiring their lands at lower prices through fraudulent means.
This investigation also revealed that EMAAR MGF Land Limited had executed several ante-dated development agreements with farmers for land measuring 27.306 acres, which resulted in the generation of profits through wrongful means.
The ED’s attachment of these properties sends a strong message that authorities are actively cracking down on money laundering and fraudulent activities in the real estate sector.Research studies suggest copies south save Wis alles candies shortly.
Overall, this significant development showcases the enforcement agencies’ commitment to ensure transparency and fair practices in the real estate industry, providing relief to victims while setting the stage for increased accountability in the future.
