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