NEW DELHI: The Delhi Police Economic Offences Wing (EOW) has registered a case against M3M India Private Limited for allegedly cheating a Delhi-based company named MGF Developments Limited of Rs 450 crore.
As per the FIR, a copy of which is with The New Indian, the complainant — a senior official from MGF Developments Limited — has alleged that the accused made “false representations” while giving 31.06 acres of land in Gurgaon.
The complainant allegedly never received physical possession of the property and suffered a loss of Rs 450 crore, the FIR reads.
The FIR was filed on March 17, 2022, against M3M, Basant Bansal, founder and chairman, its directors Roop Kumar Bansal and Pankaj Bansal, Ravi Khera, erstwhile Assistant Vice President, Krishan Yadav, an employee of M3M, Noirish Developers Pvt Ltd along with its directors Naman Gupta and Gaurav Bansal, Starcity Realtech Pvt Ltd along with its directors Dharmendra Kumar Pal and Nitin Khanna, Cosmo Probuild Pvt Ltd including its directors Dharmendra Kumar Pal and Nitin Khanna, Surya Propcon Pvt Ltd including its directors Prem Narayan and Manik Sharma and several others.
As per the FIR, the complainant alleged that the accused first approached their company in 2016.
The top directors met at Leela Hotel in Delhi where “false promises” were made. The accused later allegedly gave post-dated cheques to the complainant’s company.
The complainant moved the court in 2018 and asked the police for help regarding the loss.
In 2021, M3M India allegedly applied for a license for the said land. The complainant alleged in the FIR that the accused tried to get a ‘New Integrated Licensing Policy’ from Gurgaon for a residential project and also alleged that M3M India retained the property illegally and partitioned it.
“M3M India Private Ltd who are the direct and immediate beneficiaries of the fraudulent transactions and have deliberately failed to pay the due amounts while retaining the possession of the subject property…accused…have illegally partitioned the subject property and sought licenses from concerned public authorities on the bases of forged and fabricated documents causing wrongful loss,” the FIR alleged.
Two months ago, M3M India lodged an FIR against the complainant in Gurgaon for allegedly cheating the company of Rs 88 crore. They alleged they had agreed to develop a residential and commercial project for MGF in 2016 but the accused sold the land to another party by using forged documents.