ED Freezes Properties Worth Rs 82.29 Crore in MGF Developments Ltd Money Laundering Case
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Synopsis
The ED has provisionally attached properties worth Rs. 82.29 crore linked to MGF Developments Ltd under the PMLA. The case stems from a complaint regarding fraudulent transactions totaling Rs. 180 crore involving company director Shravan Gupta.
Key Takeaways
- ED attaches properties in connection with money laundering.
- Value of attached assets is Rs. 82.29 crore.
- MGF Developments Ltd involved in fraudulent transactions.
- Shravan Gupta allegedly misappropriated Rs. 180 crore.
- Investigation initiated by Economic Offences Wing.
New Delhi, Jan 21 (NationPress) The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached immovable properties worth Rs. 82.29 crore under the Prevention of Money Laundering Act (PMLA), 2002, related to a money laundering investigation involving MGF Developments Ltd.
As per an official statement from the ED, these properties are associated with a complaint lodged by M/s Emaar India Ltd against MGF Developments Ltd.
The complaint points to fraudulent transactions totaling Rs. 180 crore allegedly executed by Shravan Gupta, the Director of MGF Developments Ltd.
The seized assets include commercial units in two Metropolitan Malls: one located in Gurugram with an area of 42,364 square feet valued at Rs. 50.83 crore, and another in Saket, Delhi, spanning 33,601 square feet worth Rs. 31.46 crore, as stated in the release.
The ED's investigation commenced following an FIR filed by the Economic Offences Wing (EOW) of the Delhi Police referencing various sections of the Indian Penal Code (IPC).
The inquiry revealed that Shravan Gupta, Chairman and Director of MGF Developments Ltd, misappropriated approximately Rs. 180 crore from Emaar MGF Land Ltd, a collaborative venture between Emaar PJSC (Dubai) and MGF Developments Ltd. The misappropriated funds were diverted through two residential projects—Palm Hills in Sector 77, Gurugram, and Imperial Garden in Sector 102, Gurugram.
Gupta engaged two companies, M/s Nanny Infrastructure Pvt Ltd and M/s Saum Infra Pvt Ltd, to divert funds through fictitious, backdated contracts, falsely claiming to provide services to the joint venture.
Despite multiple requests to appear, Gupta has evaded questioning. Significantly, Gupta is also implicated in the AgustaWestland Helicopter scandal and is currently a fugitive abroad.
The investigation remains active.
