ED Attaches Properties Worth Rs 834.03 Crore of EMAAR India Ltd and MGF Developments Ltd
The Enforcement Directorate (ED) has attached properties valued at Rs 834.03 crore belonging to EMAAR India Ltd and MGF Developments Ltd. These properties span 401.65479 acres and are located in 20 villages of Haryana’s Gurugram district and Delhi.
Details of Attached Properties
EMAAR India Ltd’s assets are valued at approximately Rs 501.13 crore, while MGF Developments Ltd’s assets are valued at around Rs 332.69 crore. The properties are in the form of land.
Background of the Investigation
The ED is investigating both companies for money laundering related to a license obtained from the Department of Town and Country Planning (DTCP) for a residential plotted colony in Gurugram’s Sector-65 and 66. The investigation is based on an FIR registered by the Central Bureau of Investigation (CBI) against Bhupinder Singh Hooda, the former Chief Minister of Haryana, and others.
Allegations and Findings
The case involves cheating landowners and the state of Haryana by acquiring land at lower prices through fraudulent means. The ED found that EMAAR MGF Land Limited had executed fake development agreements with farmers to obtain licenses. The company generated proceeds of crime in the form of licenses on land valued at Rs 1229.17 crore.
Company Split
EMAAR MGF Land Limited was later split into EMAAR India Limited and MGF Developments Limited, with 60.11% and 39.89% shares in the combined properties, respectively. The attached properties are valued at Rs 501.13 crore for EMAAR India Ltd and Rs 332.69 crore for MGF Developments Ltd.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering.
Rs 834.03 crore -: Rs 834.03 crore is a large amount of money in Indian currency, where 1 crore equals 10 million rupees. So, Rs 834.03 crore is 8,340,300,000 rupees.
EMAAR India Ltd -: EMAAR India Ltd is a real estate company in India that builds and sells properties like houses and offices.
MGF Developments Ltd -: MGF Developments Ltd is another real estate company in India that also builds and sells properties.
Gurugram -: Gurugram is a city near Delhi, known for its modern buildings and offices.
Delhi -: Delhi is the capital city of India, known for its historical sites and government buildings.
money laundering -: Money laundering is a crime where people hide the origin of money obtained illegally by making it look like it came from a legal source.
Department of Town and Country Planning -: The Department of Town and Country Planning is a government department that plans and regulates the use of land in cities and towns.
cheating landowners -: Cheating landowners means tricking people who own land into unfair deals or taking their land without giving them proper value.
state of Haryana -: Haryana is a state in northern India, near Delhi, known for its agriculture and growing cities.
EMAAR MGF Land Limited -: EMAAR MGF Land Limited was a company that later split into two separate companies: EMAAR India Limited and MGF Developments Limited.
