Gurgaon police’s Economic Offences Wing to investigate case against Emaar India and JLL India
Gurgaon police’s Economic Offences Wing (EOW) will investigate the case filed by MGF against Emaar India, the local arm of Dubai's Emaar Properties, and international property consultant JLL India, a senior police officer said.
Following the direction of a Gurgaon court, the local police filed a case of undervaluation of land and other charges of committing fraud.
“We have registered the case at the direction of the court and have now started the process to transfer the case to EOW. That team will begin the investigation,” said the police officer, who did not wish to be identified.
According to a court document, in 2019, Emaar Properties appointed JLL as an independent valuer arbitrarily and forged the reports pertaining to the demerged assets in conspiracy with JLL to decrease the value of MGF’s land and inflate the value of Emaar Properties’ claim to unjustly enrich themselves.
This is apparent from the fact that JLL produced such reports in collusion with Emaar Properties for different chunks of land within 72 hours and also from the fact that the sale consideration of the adjoining lands in other different sale deeds is many times higher than the assessed value of MGF’s land, said the document filed by MGF.
“Emaar, JLL and their officers fraudulently induced MGF to believe that the usurpation of demerged assets was bona fide. Whereas neither the claims were genuine nor was the valuation of the assets true,” MGF told the court.
Emaar Properties, which had entered India in 2005 with the largest foreign direct investment in the real estate sector till then, invested about Rs 8,500 crore in the country through its joint venture, Emaar MGF Land.
Emaar Properties has denied any criminality in this issue.
“As a
