Delhi court summons M3M directors in Gurugram land deal case

On January 31, chief judicial magistrate Harshita Mishra of Tis Hazari Courts took cognisance of a chargesheet filed by the Delhi Police’s Economic Offences Wing (EOW) in March 2022, based on the complaint filed by MGF Developments Ltd., against M3M India and its directors, including Basant Bansal, Roop Bansal and Pankaj Bansal, among several subsidiaries and allied companies.

NEW DELHI: A Delhi court last week summoned the directors of real estate developer M3M India Pvt. Ltd., accused of allegedly inducing a competing real estate firm into a fraudulent land deal in Gurugram valued at around ₹450 crore.

The case follows a long-running dispute between MGF Developments Ltd. and M3M India Pvt. Ltd. (Representative photo)

On January 31, chief judicial magistrate Harshita Mishra of Tis Hazari Courts took cognisance of a chargesheet filed by the Delhi Police’s Economic Offences Wing (EOW) in March 2022, based on the complaint filed by MGF Developments Ltd., against M3M India and its directors, including Basant Bansal, Roop Bansal and Pankaj Bansal, among several subsidiaries and allied companies.

The order read, “It prima facie appears that the accused induced the complainant company in entering into an agreement qua the exchange of land in Gurugram and fraudulently got the land mutated for a building project”.

The charges included section 120-B (criminal conspiracy), 420 (cheating), 406 (criminal breach of trust) and 34 (common intention).

In 2016, MGF agreed to transfer certain land parcels in Chauma, Gurugram to M3M group in exchange for another land and a payment of ₹114 crores through post-dated cheques, the FIR read.

The prosecution stated that it was agreed between both the parties that the transfer would be rendered null and void if the cheques were dishonoured.

The MGF claimed that the cheques were dishonoured, while M3M and its directors allegedly proceeded to get the land mutated and applied for a construction license based on the void land exchange deal.

The court also dismissed an application filed by the M3M developers, alleging MGF had made false statements in the FIR. The court held the application to be premature at the current stage.

The case follows a long-running dispute between MGF Developments Ltd. and M3M India Pvt. Ltd. — two major real estate developers — revolving primarily around competing claims to a valuable parcel of land in Gurugram and related allegations of fraud, breach of trust and criminal conspiracy.