Senior executives of MGF booked on complaint of Emaar India

Senior executives of MGF Developments Ltd, a Delhi-based developer, were booked on Monday for allegedly fraudulently siphoning off valuable land parcels of Emaar India, its erstwhile partner, the police said
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Published on Feb 11, 2021 11:19 PM IST
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ByHT Correspondent, Gurugram

Senior executives of MGF Developments Ltd, a Delhi-based developer, were booked on Monday for allegedly fraudulently siphoning off valuable land parcels of Emaar India, its erstwhile partner, the police said.

The complainant, Emaar India, alleged that the managing director (MD) of MGF and erstwhile head of their joint venture, effected sale and transfer of land in Sector 61 to an associate company using dishonest means in violation of rules. A case was registered on the complaint of Emaar India against the MD and seven others under sections 409, 420, 467, 468, 471 and 120B of the Indian Penal Code (IPC) at DLF Phase-1 police. station.

The MD of MGF India did not reply to repeated phone calls, messages and emails sent by HT seeking a response on this matter. Calls to the company office in Delhi also went unanswered.

In a complaint to the police in July 2020, Emaar India stated that the MD of MGF had effected a fraudulent sale of 3.65 acres in Sector 61 land and transfer of licence No 56 of 2008. The company alleged that the MD and his associates transferred valuable land parcels belonging to Emaar India and its subsidiaries. The complainant further alleged that the value of the land parcels was around 4 crore initially, which exponentially rose to 183 crore after a licence was granted by the Department of Town and Country Planning.

The complainant further alleged that MGF Developments India and its officials also wrongly induced the DTCP to transfer the licence held by Emaar India to its associate company, on the basis of a demerger scheme, despite the land in Sector 61 and licence number 56 never being part of the scheme. It also alleged that fake letters were used to ensure this transfer and further Emaar India was not informed about the basic facts.

Preetpal Sangwan, an assistant commissioner of police, Gurugram police, said that a case has been registered and the matter is being verified. “The facts of the matter and the documents are being verified by police. The matter is being investigated on the complaint of the company,” he said.

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Thursday, December 09, 2021