ED Attaches INR 834 Crore Worth of Properties Linked to Emaar and MGF Developments

Gurugram and Delhi:

The Enforcement Directorate (ED) has provisionally attached immovable properties totaling over 401 acres and valued at approximately ₹834 crore, belonging to Emaar India Ltd and MGF Developments Ltd. Among these, properties worth ₹501.13 crore are attributed to Emaar, while MGF Developments holds the remaining assets valued at ₹332.69 crore. These land parcels are spread across 20 villages in Haryana’s Gurugram district and Delhi.

Investigation into Alleged Money Laundering

The ED is investigating both Emaar India and MGF Developments in connection with alleged money laundering activities related to licenses obtained from Haryana’s Department of Town and Country Planning (DTCP) for the development of residential plotted colonies in Gurugram’s Sector-65 and 66.

Origins of the Probe

The agency’s investigation commenced after an FIR was filed by the CBI against Bhupinder Singh Hooda, former Haryana chief minister; Trilok Chand Gupta, former director of DTCP; Emaar MGF Land Ltd, and 14 other colonizer companies. The case involves accusations of cheating various landowners, the public, and the state authorities by manipulating the Land Acquisition Act notifications to acquire land at below-market rates, leading to significant losses for the landowners and wrongful gains for the accused.

Allegations of Fraud and Dishonesty

The ED further alleged that the accused parties fraudulently obtained letters of intent (LOIs) and licenses on the notified land, causing financial damage to landowners, the public, and the state of Haryana/HUDA, while securing unlawful profits for themselves. The Haryana government had issued a notification under Section 4 of the Land Acquisition Act in June 2009, covering 1417.07 acres of land, including Sectors 58 to 63 and 65 to 67 in Gurugram.