It is reported by the source at the www.propertykhazana.com that, the ED has found irregularities of FDI rules by the Emaar MGF, after the scrupulous investigation and raid at the premises of Emaar MGF, the senior ED officer revealed that almost 70% of the land bank of Emaar MGF is agricultural lands and most of the transactions are done out of the FDI norms, when questioned the MD of the group, he agreed the offence that the agricultural lands were procured through FDI, added the Enforcement Directorate officer.
It was earlier, Emaar MGF was let to use around Rs7,500 crore to invest in realty by the FIPB guidance, but the company violated all the set norms by the board and in period of three years Emaar MGF grabbed agricultural lands from the weak farmers in North India.
Further the ED officers said to the www.propertykhazana.com that all the relevant documents of the above said lands are seized along with unaccounted money of Rs. 10 Crore, gold and foreign currency.
It is also reported by the source at the www.propertykhazana.com that Emaar MGF has played foul with as many as 350 benami companies operating in Middle East countries which was being managed by the low profile staff as Managing Directors. For more updates visit www.propertykhazana.com.
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