+917292009966 +917292006699 Whatsapp
Tasha Realty
 
 

News: Emaar India files police complaint against its former JV partner in Gurugram-12-02-2021

https://realty.economictimes.indiatimes.com/news/regulatory/emaar-india-files-police-complaint-against-its-former-jv-partner-in-gurugram/80873568

An Emaar India official has filed the complaint, alleging that Gupta, who was former MD of the joint venture firm Emaar MGF, had also cheated the Department of Town and Country Planning (DTCP) of Haryana with "unfair transfer" of land parcels using "forged documents".

GURUGRAM: Realty firm Emaar India has filed a police complaint against its former joint venture partner Shravan Gupta and associates for allegedly cheating the company of nearly Rs 180 crore through illegal land deal using forged documents. The FIR lodged with the Gurgaon Police names Gupta, his wife and five associates.

An Emaar India official has filed the complaint, alleging that Gupta, who was former MD of the joint venture firm Emaar MGF, had also cheated the Department of Town and Country Planning (DTCP) of Haryana with "unfair transfer" of land parcels using "forged documents".

The FIR has been lodged under Indian Penal Code sections 120B (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 467, 468, 471 (all three related to forgery of documents).

Gupta or any MGF representative could not be contacted immediately for their response, while an e-mail sent to him for comments remain unanswered.

Dubai-based Emaar Properties, which entered India in 2005 with largest foreign direct investment (FDI) in the realty sector, has invested about Rs 8,500 crore in the Indian real estate market through the joint venture with MGF group, led by Gupta.

The two partners parted ways in 2016.

According to the complaint, Gupta had sold off a land parcel in Gurgaon sector 61 for Rs 3.18 crore while it was valued at Rs 182.48 crore following change in land use pattern.

According to the FIR, the land in sector 61 was sold from Emaar-MGF to Kayo Developers, a wholly-owned subsidiary of the Gupta-led MGF in November 2008 at the undervalued price as part of a "conspiracy".

The Enforcement Directorate is separately probing Gupta's alleged links to money laundering in connection with the VVIP chopper scam.

DISCLAIMER: This website and the Information contained is in the process of being updated and are under review/revision in terms of the Real Estate Regulation Act, 2016 and Rules there under (RERA), and will be reviewed from time to time. Till the time the contents are fully updated the same shall not be construed to be any kind of advertisement, solicitation, marketing, Booking, offer for sale, invitation to offer within the purview of RERA and shall have no binding effect on the Company. The Company is not liable for any consequence of any action taken by the viewer relying on such material/ information on this website.