ED seizes 401.65 acre worth Rs 8.34 billion from Emaar India & MGF

02 Sep 2024 CW Team

The Enforcement Directorate (ED) has attached immovable properties totalling 401.65 acre and valued at Rs 8.34 billion, belonging to EMAAR India and MGF Developments, the agency announced.

Of the attached properties, the assets of EMAAR India are valued at approximately Rs 5.01 billion, while those of MGF Developments are valued at around Rs 3.32 billion.

The ED's unit in Delhi has attached these properties, which consist of land located in 20 villages across Haryana's Gurugram district and Delhi.

According to the ED, both EMAAR India Ltd and MGF Developments are under investigation for money laundering in connection with license no. 97/2010, dated September 18, 2010, obtained from the Department of Town and Country Planning (DTCP) for a Residential Plotted Colony in Sector-65 and 66 of Gurgaon.

The ED initiated the investigation based on an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, against Bhupinder Singh Hooda, the then Chief Minister of Haryana, Trilok Chand Gupta, the then Director of DTCP, EMAAR MGF Land, and 14 other colonizer companies.

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