New Delhi, Dec 3 (Inditop.com) The Enforcement Directorate Thursday raided the offices of realty major Emaar MGF in and around Delhi for alleged violation of foreign exchange rules.
“Ten offices of Emaar MGF have been raided in Delhi and Noida in connection with violation of FEMA (Foreign Exchange Management Act) regulations and diverting money from abroad to buy agricultural land,” a source at the directorate told Inditop.
“There are other issues involved. We cannot exactly comment right now,” he said.
Emaar MGF allegedly sent foreign exchange earnings out of the country in violation of FEMA regulations, the source said.
The company has also been accused of bringing money into the country in violation of foreign exchange rules, and using this fund to buy agricultural land.
Emaar MGF, a joint venture between Emaar Properties of Dubai and MGF Development of India, brought the largest foreign investment in real estate in India in 2005.
It is building the participants’ village for the Commonwealth Games here next year.
