ED Attaches MGF Developments’ Properties Worth Rs82.29 Crore in Money Laundering Case
Moneylife Digital Team 22 January 2025
The Delhi zonal office of the directorate of enforcement (ED) has provisionally attached immovable properties worth Rs82.29 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a money laundering case involving MGF Developments Ltd. The case stems from allegations of fraudulent transactions amounting to Rs180 crore, as per a complaint lodged by Emaar India Ltd.
 
The attached properties include significant commercial spaces: 42,364 sq ft (square feet) valued at Rs50.83 crore in the Metropolitan Mall in Gurugram and 33,601 sq ft valued at Rs31.46 crore in the Metropolitan Mall in Saket.
 
The ED investigation, initiated following a first information report (FIR) filed by the economic offences wing (EOW) of the Delhi police revealed that Shravan Gupta, chairman of MGF Developments, siphoned off about Rs180 crore from Emaar MGF Land Ltd, a joint venture (JV) between Emaar PJSC, Dubai, and MGF Developments.
 
The investigation uncovered that the embezzlement was conducted through two residential projects—Palm Hills in Sector-77 and Imperial Garden in Sector-102, Gurugram—developed under the JV. 
 
Mr Gupta allegedly introduced two shell companies, Nanny Infrastructure Pvt Ltd and Saum Infra Pvt Ltd and diverted funds through sham and backdated agreements, falsely claiming service provisions to the JV, the agency says.
 
Despite multiple summons from the ED, Mr Gupta has failed to cooperate with the investigation. Notably, he is also an accused in the AgustaWestland helicopter scandal and has reportedly fled the country.
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