On the accusation of its former India partner, MGF Development Ltd, they were charged with defrauding, forgery, criminal breach of trust, criminal intimidation, and criminal conspiracy.
According to the first information report (FIR), the UAE-based realtor allegedly came up with the valuation of lands at low prices when the adjacent lands were being sold in the market at much higher prices, exploited the warranty indemnity agreement (WIA) and litigation indemnity agreement (LIA), and committed serious cognizable offences for wrongful gain and wrongful loss to the complainant.
Land undervalued at Emaar’s behest
As per the FIR, the land at Sector 63 (Kadarpur), Sector 63 (Maidawas) and Sector 63 (Ullawas), Sector 74A (Narsinghpur), Sector 74A (Begumpur, Khatola), Sector 76 (KherkiDaula), Sector 81 (Nakhdola Nawada Fatehpur), Sector 85 and Sector 90, Gurugram, were grossly undervalued by Jones Lang Laselle (JLL), an independent valuer, at the behest of Emaar and its officers by creating forged and false valuation reports to cause wrongful loss to the complainant and wrongful gain to themselves.
The police filed the FIR on the orders of Gurugram’s chief judicial magistrate, Ramesh Chander, on November 20.
According to the November 20 FIR, a thorough examination into how the accused arrived at the low assessment of the plots when nearby lands were being sold for significantly greater prices was necessary. “The conspiracy was hatched in secret; however, the investigation authorities must unearth it through custodial interrogation, witness examination, and document seizure.” The suspects have created criminal profits from their illicit conduct, which must be confiscated promptly and criminal conspiracy discovered,” according to the FIR.
According to the FIR, the accused were in the process of committing additional offenses against the complainant, such as deleting evidence that demonstrates the conduct of the offenses done by them and influencing witnesses who have information about various aspects of their illegal conduct.
“The seizure of the accused’s material in their possession, such as their computer servers located in India and Dubai, their mobile phones, computers, electronic devices – all that have been used in the commission of the offences, documents in their possession regarding the properties in question, bank accounts, and so on, is necessary for proper investigation,” according to the FIR.
The CJM, in its order, mentioned that Emaar and MGF entered into a memorandum of understanding on March 7, 2015, for the purposes of demerger and on April 13, 2016, Emaar and MGF signed a warranty indemnity agreement (WIA) and litigation indemnity agreement (LIA) with the terms and conditions mentioned therein.
Fraudulent reporting on demerged assets
According to the complaint, Emaar arbitrarily and in violation of the WIA selected Jones Lang Laselle (JLL) as an independent valuer on September 14, 2019. It allegedly forged reports pertaining to the category-B demerged assets in conspiracy with JLL to decrease the value of MGF’s land and inflate the value of Emaar’s claim to unjustly enrich themselves, as evidenced by JLL producing such reports in collusion with Emaar for different chunks of land within 72 hours and also by the fact that the sale consideration of the adjoining lands in other different sale deeds is many times higher than the assessed.
It further said that Emaar was entrusted with category-B demerged properties under the WIA and LIA as a part of the demerger scheme but dishonestly misappropriated the said properties to the detriment of the complainant in the breach of the WIA and LIA by deflating the value of category-B demerged assets in connivance with JLL and its officers and inflating its own claim. Emaar, JLL and their officers fraudulently and dishonestly induced MGF to believe that the usurpation of category-B demerged assets was bona-fide whereas neither the claims were genuine nor was the valuation of the assets true, the complaint said.
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Source: HT
