25 November 2023
MGF Developments Ltd. on Wednesday claimed that its former partner Dubai-based real estate firm Emaar committed fraud to the tune of Rs 1 ,000 crore in the sale of land at an under-valued price in the Delhi-NCR region. Based on the complaint filed by MGF, the Gurugram police registered an FIR against Emaar under Sections 406, 409, 418, 420, 467, 471, 506 and 120-B of the Indian Penal Code on November 20. Another prominent real estate services firm Jones Lang Lasalle (JLL) has also been named in the complaint for assisting Emaar. MGF first approached the District Courts. Following the directions of the Chief Metropolitan Magistrate (CMM), the Gurugram Police registered the FIR against Emaar and JLL on November 20. According to the complaint, JLL and its officers, appointed as valuers, conspired with Emaar to prepare false reports, grossly undervaluing land owned by MGF. JLL allegedly lowered prices in the settlement of indemnity claims while increasing the quantum of claims illegally. Later, Emaar allegedly took over and disposed of the said properties after pocketing a huge profit. The cumulative impact of these actions is estimated to have resulted in a wrongful gain of at least Rs 100 Cr to the accused.
MGF Developments Ltd. on Wednesday claimed that its former partner Dubai-based real estate firm Emaar committed fraud to the tune of Rs 1 ,000 crore in the sale of land at an under-valued price in the Delhi-NCR region. Based on the complaint filed by MGF, the Gurugram police registered an FIR against Emaar under Sections 406, 409, 418, 420, 467, 471, 506 and 120-B of the Indian Penal Code on November 20. Another prominent real estate services firm Jones Lang Lasalle (JLL) has also been named in the complaint for assisting Emaar. MGF first approached the District Courts. Following the directions of the Chief Metropolitan Magistrate (CMM), the Gurugram Police registered the FIR against Emaar and JLL on November 20. According to the complaint, JLL and its officers, appointed as valuers, conspired with Emaar to prepare false reports, grossly undervaluing land owned by MGF. JLL allegedly lowered prices in the settlement of indemnity claims while increasing the quantum of claims illegally. Later, Emaar allegedly took over and disposed of the said properties after pocketing a huge profit. The cumulative impact of these actions is estimated to have resulted in a wrongful gain of at least Rs 100 Cr to the accused.
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