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Indian Real Estate News : Hyderabad
Enforcement Directorate attaches properties worth Rs 71-crore in Hyderabad land scam
Source: PTI Sep 25, 2012
Plots owned by Dubai-based Emaar Properties, its joint venture Emaar MGF and others worth Rs 71 crore have been attached by the Enforcement Directorate in connection with its probe into alleged irregularities in land transfer and sale of villas and apartments at Hyderabad.
The agency has attached 34 villa plots created in Boulder Hills, Guchibowli in Hyderabad and another piece of land in Delhi's Kalkaji under the Prevention of Money Laundering Act (PMLA), months after the CBI had registered a criminal case in this regard.
"The proceeds of crime identified so far to the tune of Rs 71.27 crore have been attached from M/s Emaar Hills Township Private Limited (at the head of Emaar properties, Dubai) and EMGF Land Limited," the attachment order said.
When contacted, an Emaar MGF spokesperson said "we have not received any notice" from the agency and hence cannot comment on the development.
The ED action comes after the CBI earlier this year had registered an FIR against senior Andhra Pradesh IAS officer and Home Secretary B P Acharya and four other senior officials, these two firms and others-- M/s Stylish Holmes Real Estate Private Limited and M/s Boulder Hills Leisure Private Limited.
The ED had made the CBI FIR the basis of its probe and booked a case under various sections of IPC relating to criminal conspiracy, cheating, criminal breach of trust among others and relevant sections of Prevention of Corruption Act on the orders of Andhra Pradesh High Court.
The case relates to an upscale township project developed by Hyderabad-based real estate developer Emaar, its joint venture with the Dubai based firm and Andhra Pradesh Industrial Infrastructure Corporation where Acharya was posted as Managing Director between 2005 and 2009.
The ED has attached Rs 6.86 crore worth land in national capital's Kalkaji which is in possession of M/s Eternal Buildtech Private Limited which is a 100 per cent subsidiary of M/s Emaar MGF Land Limited.
The ED probe, according to sources, found "that subsequent to the agreements between M/s Emaar Hills Township Private Limited and other companies namely M/s Stylish Holmes and M/s Emaar MGF Land Limited were designed to sell villa plots in the township project under criminal conspiracy.
"These three companies had sold villa plots at the rate disclosed in the books but collected excess amount and concealed the same to deprive the state corporation from its legitimate revenue share from the developed land," the ED said.

Tag: hyderabad properties, indian real estate, indian properties, Emaar MGF
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