New Delhi, Jan 21 (IANS): The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached immovable properties valued at Rs. 82.29 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a money laundering case involving MGF Developments Ltd.
According to a press release of ED, the properties belong to the company and are related to a complaint filed by M/s Emaar India Ltd against MGF Developments Ltd.
The complaint concerns fraudulent transactions amounting to Rs. 180 crore orchestrated by Shravan Gupta, the Director of MGF Developments Ltd.
The attached properties include commercial spaces in two Metropolitan Malls: one in Gurugram, with an area of 42,364 square feet valued at Rs. 50.83 crore, and another in Saket, Delhi, covering 33,601 square feet valued at Rs. 31.46 crore, says the release.
The ED initiated its investigation based on an FIR registered by the Economic Offences Wing (EOW) of the Delhi Police under various sections of the Indian Penal Code (IPC).
The ED investigation revealed that Shravan Gupta, Chairman and Director of MGF Developments Ltd, embezzled approximately Rs. 180 crore from Emaar MGF Land Ltd, a joint venture between Emaar PJSC (Dubai) and MGF Developments Ltd. The funds were siphoned through two residential projects—Palm Hills in Sector 77, Gurugram, and Imperial Garden in Sector 102, Gurugram.
Gupta brought in two companies, M/s Nanny Infrastructure Pvt Ltd and M/s Saum Infra Pvt Ltd, to siphon funds through fake, backdated agreements, pretending to provide services to the joint venture.
Despite multiple summons, Gupta failed to appear for questioning. Notably, Gupta is also an accused in the AgustaWestland Helicopter scandal and is currently a fugitive abroad.
The investigation is ongoing.