Delhi Police book M3M India for allegedly cheating MGF Developments of Rs 450 crore

Meanwhile, M3M claimed that “MGF was trying to blackmail” the company and that its “directors have been wrongly implicated”.

The complainant alleged that the accused first approached their company in 2016. The top directors met at Leela Hotel in Delhi where the “false promises” were made. The accused later allegedly gave post-dated cheques to the complainant’s company. The complainant moved to court in 2018 and asked the police for help regarding the loss.

In 2021, M3M India allegedly applied for a license for the said land. The complainant alleged in the FIR that the accused tried to get a ‘New Integrated Licensing Policy’ from Gurgaon for a residential project and also alleged that M3M India retained the property illegally and partitioned it.

“M3M India Private Ltd who are the direct and immediate beneficiaries of the fraudulent transactions and have deliberately failed to pay the due amounts while retaining the possession of the subject property…accused…have illegally partitioned the subject property and sought licenses from concerned public authorities on the bases of forged and fabricated documents causing wrongful loss,” reads the FIR registered under sections of criminal breach of trust, cheating, forgery, criminal conspiracy.

Two months ago, M3M India lodged an FIR against the complainant in Gurgaon for allegedly cheating the company of Rs 88 crore. They alleged they had agreed to develop a residential and commercial project for MGF in 2016 but the accused sold the land to another party by using forged documents.

Meanwhile, M3M India legal team said: “MGF company is accused of defrauding M3M company for an amount of Rs 88 crore in lieu of a collaboration agreement relating to 07 acres of land situated at Kherki Daula, Gurgaon. M3M company has already launched proceedings against MGF and its directors. The accused is absconding and is out of the country just to evade his arrest. He has already misappropriated Rs 88,00,00,000 and has got the present FIR lodged at Delhi EOW in complete collusion and influence. As a matter of fact, the investigation regarding the subject matter is already conducted by the Gurgaon police… Secondly, EMAAR Group has openly stated in their duly sworn affidavit before Honourable High Court of Punjab & Haryana that the land in question belongs to them and the MGF group has no right over the said property and in such circumstances, it becomes apparently clear that the MGF company is only trying to blackmail M3M company. The directors of M3M have been wrongly implicated…”