Mohamed Ali Alabbar, the Founder and Managing Director of Emaar Properties, is set to face questioning by Delhi Police's Economic Offences Wing in a forgery and trust breach case. This summons comes as part of an ongoing investigation into complaints from homebuyers alleging that Emaar India Limited misappropriated funds, misrepresented project details, and caused considerable delays in the delivery of a Gurugram housing project. Emaar India has confirmed receipt of the notice and promises full cooperation during the investigation.
In a developing story, the Economic Offence Wing (EOW) of the Delhi Police has issued a summons to Mohamed Ali Alabbar, Founder and Managing Director of Emaar Properties, a Dubai-based real estate giant. Alabbar has been asked to present himself for questioning this Friday in relation to a suspected case of forgery and criminal breach of trust associated with a Gurugram housing project. A representative for Emaar India confirmed receipt of the notice.
The case originates from a civil lawsuit brought forward by several homebuyers who had taken loans for properties valued around Rs 1 crore. These homebuyers have implicated Emaar officials in the proceedings. Alabbar, alongside three senior officials of Emaar India Limited, the Indian subsidiary of the property firm, have been named in the police notice for questioning.
The notification, dispatched on May 26, explains that the investigation focuses on Emaar India Ltd's housing project, "Palm Garden," located in Gurugram's Sector 83. The investigating officer states that there are reasonable grounds to question Alabbar about the project's facts and circumstances.
This inquiry was prompted by an FIR filed by Manish Kumar Patni, a homebuyer, on January 30, accusing Emaar India Limited of forgery, criminal breach of trust, and other infractions during the sale of apartments in the "Palm Gardens" project. Launched in 2010, the project was supposed to deliver the homes to the buyers by the end of 2015.
Patni alleges that Emaar collected funds from the buyers and misappropriated them, causing a significant delay in the project's completion. Additional claims include misrepresentation of the project's layout plan, lack of requisite permissions and approvals at the time of apartment sales, and false promises to defraud homebuyers. Patni has also named several banks and financial institutions in his FIR, accusing them of collusion with the real estate company.
Responding to the allegations, the Emaar India spokesperson stated that the issue is primarily of a civil nature and that they are complying with the legal process. "We are fully cooperating and supporting a fair and thorough investigation into the matter," the spokesperson added.
In conclusion, this case underscores the importance of due diligence in real estate transactions, as well as the necessity for transparency and accountability from developers. The outcome of this investigation could set a significant precedent for the real estate industry, influencing how future disputes are handled.
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