ED Attaches Emaar India & MGF Developments Land Worth ₹834.03 Crore In PMLA Case

(MENAFN- Live Mint) The Enforcement Directorate (ED), Government of India, attached immovable properties of land worth ₹834.03 crore belonging to Emaar India Ltd. and MGF Developments Ltd. to the Prevention of Money Laundering Act (PMLA ), 2002, according to the economic intelligence agency's post in the social media platform X, on Thursday, August 29.

“ED has provisionally attached immovable properties under PMLA, 2002 in the form of land located in Gurugram, Haryana and Delhi, spanning 401.65479 acres and valued at Rs. 834.03 Crore belonging to M/s EMAAR India Ltd. (501.13 Crore) and M/s MGF Developments Ltd. (332.69 Crore),” said the law enforcement agency on its post on platform X.

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India's economic intelligence watchdog also highlighted that the properties are located in Gurugram, Haryana, and Delhi and cover an area of 401.65479 acres, as per the post on platform X.

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ED also stated that the land properties belonged to two companies namely Emaar India Ltd. and MGF Developments Ltd. The property belonging to Emaar India is valued at ₹501. 13 crore, and the land belonging to MGF Developments Ltd is valued at ₹332.69 crore, according to the data disclosed on the post.

This is not the first time Emaar India is under the law enforcement's supervision. The news agency PTI reported, quoting anonymous sources on June 2, 2023, that some senior officials of the company Emaar India Ltd, a subsidiary company of Emaar Properties of Dubai, appeared before Delhi Police's Economic Offence Wing (EOW) allegedly over a case of real estate fraud.

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“Officials representing Emaar met with EOW officials and shared the information sought. They assured extending all help with the investigation,” according to the news agency citing an anonymous source in Delhi Police's Economic Offence Wing (EOW).

The economic offence wing started investigating the case after a homebuyer, Manish Kumar Patni, registered a complaint on January 30 of the previous year, according to the report.

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