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What TV doesn't, print can't; we deliver.
NEW DELHI: Real estate giant MGF Developments filed an FIR against two other real estate companies Emaar India and the Jones Lang Lasalle Property Consultants for allegedly committing fraud to the tune of Rs 1,000 crore, on Tuesday.
The FIR has been lodged at the Sector 29 Police Station, under the Indian Penal Code (IPC) sections 406, 409, 418, 420, 420, 467, 468, 471, 506 read with sections 120B. The police officials had been directed to lodge an FIR against the two companies.
FLASH: Gurugram Police lodges FIR against two Real Estate Giants, Esaar India and Jones Lang Lasalle Property Consultants (JLL) for committing fraud to the tune of Rs 1000 crore. The FIR had been filed by MGF Developments Ltd against the two companies for committing fraud.… pic.twitter.com/tZ6Bz2bK5m
— The New Indian (@TheNewIndian_in) November 21, 2023
The FIR copy accessed exclusively by The New Indian read, “The Complainant further apprehends that the Accused Persons are in the process of destroying and mutilating these records/ mails which will demonstrate their culpability in perpetrating the present criminal fraud. In order to unearth the entire conspiracy the electronic conversation i.e. mails between the higher management of Emaar and JLL is required to be seized without further delay.”
The real estate giant accused Emaar India of its top officers for carrying out fraudulent acts in active conspiracy with JLL.
“The allegations pertain to fraud upon MGF Developments Ltd. whereby Jones Lang Lasalle Property Consultants (JLL) and its officers appointed as Independent valuers, in connivance with EMAAR and its officers prepared false and forged reports grossly undervaluing land of MGF Developments Ltd. held as Security by Emaar at astronomically lower prices in settlement of its Indemnity claims and at the same time increasing the quantum of claims illegally. Later Emaar took over the said properties and disposed them away after pocketing a good profit. The cumulative impact of these actions is estimated to have resulted in a wrongful gain of at least INR 1,000 crores to the accused,” MGF told The New Indian.
Presently, further investigations are still underway by the police officials. However, the complainant from MGF has suggested the involvement of central agencies.
