The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached immovable properties worth Rs 82.29 crore under the Prevention of Money Laundering Act (PMLA).
These assets belong to MGF Developments Ltd and are linked to alleged money laundering involving fraudulent and illegal transactions worth Rs 180 crore by the company’s director, the agency stated on Tuesday.
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The federal anti-money laundering agency initiated its investigation based on an FIR registered by the Economic Offences Wing of the Delhi Police under relevant sections.
According to the ED, its investigation revealed that Shravan Gupta, the Director and Chairman of MGF Developments Ltd, allegedly siphoned off approximately Rs 180 crore from Emaar MGF Land Ltd.
The attached assets include commercial spaces in a mall in Gurugram, Haryana, valued at around Rs 50.83 crore, and space in a mall in Delhi worth Rs 31.46 crore.
The agency alleges that Gupta used two companies to siphon off funds from the joint venture through sham and backdated agreements under the guise of providing various services.
The ED further noted that Gupta failed to respond to multiple summons issued during the investigation. He is also accused in the AgustaWestland Helicopter Scandal and is alleged to have fled the country.
The agency stated that further investigation is ongoing.
