Realty firm Emaar India accuses former partner for forgery

FIR names Shravan Gupta, wife and five associates in connection with ‘unfair transfer of land’

Sanjay Yadav

Gurugram, February 12

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 claims Gupta, the former Managing Director of the joint venture firm Emaar MGF, also cheated the Department of Town and Country Planning (DTCP) of Haryana with “unfair transfer” of land parcels using “forged documents”.

The 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 the 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.”

Gupta, his wife Shilpa Gupta, two of his firms and five associates Rakshit Jain, Bishnu Kumar Singh, Prem Ranjan Choudhary, Chandra Bhushan Rai, and Rajeev Gupta have all been booked for criminal conspiracy, criminal breach of trust, cheating, and forgery.