UAE-based real estate firm Emaar Properties PJSC and its Indian subsidiary, Emaar India, along with 13 others, have been booked by the police following allegations of cheating from their former business partner, MGF, involving undervaluation of land and other offenses. The complaint suggests that Emaar manipulated valuation reports through an independent valuer, Jones Lang Laselle (JLL), leading to significant undervaluation of land in Gurugram sectors. Emaar India strongly denies any wrongdoing, labelling the accusations as another attempt by MGF to harass the company and its employees, emphasizing prior investigations that found no criminality in similar claims.
In response to a Gurugram Court directive, the police have initiated legal proceedings against UAE-based real estate company Emaar Properties PJSC, its Indian counterpart Emaar India, and 13 others. The allegations involve cheating Emaar's former business partner, MGF, through the undervaluation of land and other offenses. Emaar India has vehemently denied any wrongdoing, characterizing the accusations as another attempt by MGF to harass the company and its employees. Upon the order of Chief Judicial Magistrate Ramesh Chander on November 18, an FIR was registered on November 20 against Emaar Properties PJSC, Emaar India Ltd, director Bharat Bhushan Garg, and others. The charges include criminal breach of trust, cheating, using forged documents, criminal conspiracy, and criminal intimidation. The complaint, filed by Saurabh Singh on behalf of MGF Development Limited, alleges that Emaar undervalued land in various sectors of Gurugram through manipulation of valuation reports, causing financial harm to MGF. The complaint specifically points to Jones Lang Laselle (JLL), an independent valuer allegedly influenced by Emaar, for grossly undervaluing the mentioned land sectors. The complainant asserts that Emaar exploited warranty indemnity and litigation indemnity agreements, engaging in serious offenses to gain an advantage. It further demands an investigation into how the accused arrived at low valuations when adjacent lands were being sold at significantly higher prices in the market. The complainant contends that the accused have generated proceeds of crime from their illegal activities, necessitating immediate seizure and the unveiling of a criminal conspiracy. Additionally, concerns are raised about potential evidence destruction and witness tampering by the accused. A senior police officer confirmed an ongoing investigation into the matter. Emaar India responded to the allegations in a press statement, vehemently denying any association with criminal activities. The company emphasized its commitment to legal compliance and ethical business conduct. Emaar India pointed out that MGF had previously approached law enforcement agencies with similar allegations, and investigations by the Economic Offences Wing (EOW) in Gurgaon and Delhi found no merit in MGF's claims. The statement characterizes the latest legal action as yet another attempt by MGF to harass Emaar and its employees, highlighting that the matter is currently sub judice.
Advertisement
Facebook
Whatsapp
