ED attaches ₹82.29-crore in assets belonging to MGF Developments Limited

Enforcement Directorate attaches properties worth ₹82.29 crore linked to illegal transactions by MGF Developments Limited chairman Shravan Gupta.

The Enforcement Directorate said on Tuesday (January 21, 2025) that it has provisionally attached properties worth ₹82.29 crore belonging to MGF Developments Limited. This is linked to a complaint lodged by Emaar India Limited against the company alleging illegal transactions of ₹180 crore.

The complaint alleged that the said transactions were undertaken by Shravan Gupta, then director of MGF Developments Limited. The attached properties include commercial spaces measuring 42,364 square feet valued at ₹50.83 crore in the Metropolitan Mall, Gurugram, and 33,601 square feet valued at ₹31.46 crore in the Metropolitan Mall in Saket, Delhi.

The ED probe is based on a First Information Report registered by the Delhi Police’s Economic Offences Wing.

“Investigations revealed that Shravan Gupta, director and chairman of MGF Developments Limited, siphoned off ₹180 crore... from Emaar MGF Land Limited, a joint venture (JV) of Emaar PJSC, Dubai, and MGF Developments Ltd.,” the agency said.

According to the agency, two residential projects, namely Palm Hills and Imperial Garden in Sectors 77 and 102 of Gurugram, were developed under the JV company Emaar MGF Land Ltd. “The chairman and director of MGF, Shravan Gupta, inducted two companies, viz. Nanny Infrastructure Pvt. Ltd. and Saum Infra Pvt. Ltd., to siphon off funds from the JV company through sham and backdated agreements in the guise of providing various services to the JV,” it said.

The ED alleged that several summonses were issued to Mr. Gupta, but he failed to join the investigation. “It is pertinent to mention that Shravan Gupta is also an accused in the ED’s case in the Agusta Westland helicopter scandal and has fled the country,” the agency said.