The Enforcement Directorate (ED), which is investigating a case under the Prevention of Money Laundering Act, has taken into possession 19 Emaar Hills Township immovable properties in Hyderabad. The move came after confirmation of the attachment order by the Adjudicating Authority.
The ED had attached 34 villa plots with a total area of 41,189 sq yards at Boulder Hills in Hyderabad and 4.86 acre land valued at Rs.6.86 crore in Kalkaji, which was in possession of Eternal Buildtech Private Limited, a 100 per cent subsidiary of Emaar MGF Land Limited. “Nineteen of the properties worth several crore have now been taken into possession by the ED,” said an official.
On the basis of a charge sheet filed by the CBI in the case, the official said, in 2011, the ED initiated investigation into alleged money laundering by companies, including Hills Township Private Limited, Emaar MGF Land Limited, Stylish Holmes Real Estate Private Limited and Boulder Hills Leisure Private Limited.
The CBI alleged that subsequent to an agreement between Emaar Hills and Stylish Holmes, further agreements were made by Emaar Hills with Emaar MGF Land to sell villa plots in the township project under a criminal conspiracy.
“These three companies had sold the plots at the rate disclosed in the books. However, the CBI found that an excess amount was allegedly collected and this fact was concealed to deprive the State Corporation from its legitimate revenue share from the developed land,” said the official adding that after taking over the possession, transfer of the properties in question through any instrument was prohibited.