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Offices of 2010 Games Builder Emaar MGF Raided for Koda Link

December 4, 2009
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Enforcement Directorate on Thursday raided 10 offices of realty major Emaar MGF in New Delhi and Noida. Emaar MGF is the main company involved with the Commonwealth Games construction project. The raids have reportedly been conducted in connection with the multi-crore illegal hawala and investment case involving former Jharkhand chief minister Madhu Koda.

The Enforcement Directorate had reportedly found certain documents that showed Koda’s associates on the board of some EMAAR group companies. The company is a joint venture between Emaar Properties PJSC of Dubai and MGF Development Limited of India. It is the world’s leading real estate company with operations in 14 countries.

Emaar also announced largest FDI in real estate in India in 2005. They are the main company constructing the Commonwealth Games Village in Delhi. The company is also developing upmarket residential projects in Gurgaon and Mohali.


News Published Under:   Real Estate India |



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