Delhi Court Moves Forward in High-Stakes Real Estate Fraud Case

A Delhi court has acknowledged a chargesheet against M3M India Pvt Ltd and its promoters for alleged land fraud involving MGF Developments Ltd. The legal battle centers around a disputed land deal in Gurugram worth Rs 450 crore, leading to claims of criminal conspiracy and dishonest dealings.

In a significant development, a Delhi court has taken cognisance of a chargesheet filed by the Economic Offences Wing against real estate giant M3M India Pvt Ltd and its promoters, including Basant Bansal, Roop Bansal, and Pankaj Bansal. This action stems from an alleged land fraud case involving MGF Developments Ltd.

The court, overseen by Chief Judicial Magistrate Harshita Mishra, found there to be sufficient grounds to proceed under several serious charges, including criminal breach of trust, cheating, and criminal conspiracy. The accused have been summoned to appear in court on April 4 in connection with the probe focusing on a disputed land exchange deal in Gurugram.

The controversy, originating from a 2022 FIR by MGF Developments Ltd, has sparked multiple inquiries by various enforcement authorities. Allegations include fraudulent dealings and cheque dishonouring for land valued at Rs 450 crore, casting a spotlight on the damaging ramifications within Haryana's lucrative real estate sector.

(With inputs from agencies.)