Emaar India: The Enforcement Directorate (ED) has taken major action against Emaar India, the Indian unit of a well-known real estate company in Dubai, United Arab Emirates (UAE). ED has seized the immovable properties of Emaar India Limited and MGF Developments Limited, which are said to be worth Rs 834.03 crore. ED has taken action against Emaar India and MGF Developments under the Prevention of Money Laundering Act 2002, information about which was given by ED itself through its social media handle X. Interestingly, this is the same firm whose parent company has built the world’s tallest structure in Dubai, Burj Khalifa. This building has been a center of attraction among tourists for a long time.
Actually, Emaar Properties was founded by Mohammed Alabbar in the year 1997. Currently, this company builds commercial, residential properties as well as malls and luxury hotels. At the time of the establishment of the company, its 100 percent ownership was with the Dubai government, while the founding shareholders had a 24.3 percent stake. After the IPO, the business of Emaar Company started as a public company in the year 2000.
Emaar properties are known all over the world
Emaar company is spread all over the world. It also organizes many big events. The biggest example of this is the New Year event of 2015 in New York. This show became the most watched show on TV at that time and its name was also recorded in the Guinness Book of World Records. Emaar’s chairman Mohammed Alabbar resigned from his post in December 2000 but as the managing director, he keeps an eye on the activities happening in the company every day. Currently, Emaar Properties has a net worth of $23.76 billion.
Action has already been taken against Emaar Properties in India
According to news agency PTI, this is not the first incident of action against Emaar Properties in India. The agency quoted sources as saying that some officials of Emaar India Limited, a subsidiary of Emaar Company, appeared before the Economic Offenses Wing of Delhi Police in a fraud case in the year 2023.
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