The Enforcement Directorate (ED) has taken major action against Emaar India, the Indian unit of the famous real estate company in Dubai, United Arab Emirates (UAE). Immovable assets of Emaar India Limited and MGF Development Limited have been seized.
Real Estate Giant Emaar India Faces ED Probe
The cost of which is said to be 834.03 crore rupees. ED has taken action against Emaar India and MGF Development under the Money Laundering Act 2002, according to ED itself through its social media handle ‘X’. Interestingly, this is the same firm whose parent company built the world’s tallest structure, the Burj Khalifa in Dubai. The building has long been a centre of attraction for tourists.
It was founded in 1997 by Muhammad Albar. Currently, the company is developing commercial and residential properties as well as malls and luxury hotels. At the time of the company’s inception, it was 100 percent owned by the Government of Dubai, while the founding shareholders held 24.3 percent of the shares. After the IPO, Ema’s business started as a public company in 2000.
Emma’s company is located all over the world. It also organises various large events. The biggest example of this is the 2015 New Year event in New York. The show was ranked as the most watched show on TV at the time. Its name was also registered in the Guinness Book of World Records. In December 2000, Emaar’s chairman, Mohammed Albar, stepped down from his position, but as managing director, he continues to oversee the company’s operations on a daily basis. Currently, Emaar’s total assets are 23.76 billion dollars.
Accordingly, the action on Emma’s property is not the first in India. According to agency sources, some officials of Emaar India Limited, a subsidiary of Emaar Company, were brought before the Economic Offences Wing of Delhi Police in a fraud case in 2023.