Gurugram, February 11
Realty firm Emaar India has filed a police complaint against its former joint venture partner Shravan Gupta and associates for allegedly cheating the company of nearly Rs 180 crore through an illegal land deal using forged documents.
The FIR has named Gupta, his wife and five associates.
The FIR alleges that Gupta, who was the former MD of the joint venture firm Emaar MGF, had also cheated the Department of Town and Country Planning (DTCP) of Haryana with “unfair transfer” of land parcels using “forged documents”.
The FIR has been lodged under Indian Penal Code sections 120B (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 467, 468, 471 (all three related to forgery of documents).
No official statement was released by Gupta or any MGF representative.
Dubai-based Emaar Properties entered India in 2005 and Rs 8,500 crore in the Indian real estate market through the joint venture with MGF group, led by Gupta.
The two partners parted ways in 2016.
“Gupta had sold off a land parcel in Gurgaon sector 61 for Rs 3.18 crore to while it was valued at Rs 182.48 crore following change in land use pattern. He sold it to Kayo Developers, a wholly-owned subsidiary of the Gupta led MGF at undervalued price, “read the complaint.”
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