Delhi: ED Sezies Assets Worth Rs 82 Crore in PMLA Case Against MGF Developments

                Gurgaon: The Delhi zonal office of 
Enforcement Directorate (ED) has provisionally 
attached immovable properties worth Rs 82 
crore owned by MGF Developments Ltd.
The action — under the Prevention of Money 
Laundering Act (PMLA), 2002 — follows 
allegations of fraudulent transactions 
amounting to Rs 180 crore by Shravan Gupta, 
the director of 
MGF Developments, in a case filed by Emaar 
India Ltd.
"The properties attached are proceeds of crime 
derived from fraudulent transactions 
orchestrated by Shravan Gupta through his 
companies," an ED statement read. The 
properties that 
were attached included a 42,364sqft 
commercial space valued at Rs 50.8 crore at 
Metropolitan Mall of Gurgaon, and another 
spanning 33,601sqft worth Rs 31.5 crore in 
Metropolitan 
Mall in Saket, Delhi.
The case came under ED's scanner based on 
an FIR registered by the Economic Offences 
Wing (EOW) of Delhi Police for fraud and other 
relevant sections.

The ED investigation, officials said, revealed 
that Gupta allegedly siphoned off around Rs 
180 crore from Emaar MGF Land Ltd — a joint 
venture between Dubai-based Emaar PJSC and 
MGF Developments Ltd.
The embezzled funds were allegedly diverted 
through two shell companies — Nanny 
Infrastructure Pvt Ltd and Saum Infra Pvt Ltd — 
under the pretext of providing services to the 
joint 
venture. These transactions were carried out 
with the help of fraudulent and backdated 
agreements, officials said.
The misappropriated funds were linked to two 
residential projects in the city — Palm Hills in 
Sector 77 and Imperial Garden in Sector 102. 
The development of these projects, being built 
under the joint venture company, were 
adversely affected after Gupta allegedly 
diverted the funds.
After ED took over the case, Gupta was issued 
multiple summons, but he did not respond to 
them, prompting the investigating agency to 
accuse him of non-cooperation. Gupta is also 
named as an accused in the high-profile 
AgustaWestland helicopter scandal and is 
believed to have left the country.

Source : Times of India