22 , March , 2022
The EOW of Delhi police have registered a FIR against Gurugram based developer M3M India Private Limited for reportedly cheating a Delhi-based firm MGF Developments Limited of Rs 450 crores.
As per the FIR, the complainant was cheated on the pretext of receiving 31.0625 acres of land in Gurgaon’s sectors 112 and 113, but allegedly, the physical possession of land was never received. Consequently, the complainant suffered a loss of Rs 450 crores.
Interestingly, this land dispute is not new and in fact dates back to 2016, when it all started. M3M, in its complaint alleged that Emaar-MGF approached and offered to sell them 31.0625 acers of land. Consequently, an amount of Rs. 88 crores was paid by M3M for the land parcel but came to know that the plot was sold to another company using forged documents.
On the contrary, MGF declared this deal as “null and void” because the post-dated cheques that were handed over were never realised. In fact, counter claims were made by an official from MGF, who stated, “In 2016, for the first time, officials from M3M Company had a meeting with senior officials from our company in Leela Hotel and handed over a post-dated cheques for the land. When the cheques were not realised, we approached the court and sought help of police in 2018”.
The FIR by the complainant reads that M3M illegally got 31.0625 acres of land transferred in their favour by making false representations and inducement with a false promise that the substantive monitory consideration shall be paid later and only thereupon the actual possession of the transferred land shall come to them otherwise the entire transfer shall be rendered null and void ab-initio. Thereafter, despite failing to pay the consideration amount and not having physical possession of the said land, M3M partitioned portions of the land and have even applied for a license to construct a residential project under 'New Integrated Licensing Policy (NILP)' on a part of the land. In doing so, MGF has been deprived of its land admeasuring 31.0625 acres and has been made to suffer loss in terms of the valuation of the land amounting to approximate Rs. 450 crores.
Meanwhile, M3M claimed that “MGF was trying to blackmail” the company and that its “directors have been wrongly implicated”.
For further details on this matter, Realty Dekho team approached the promoter of M3M, but is yet to receive an elaborated verdict on the same.
