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Emaar Scam Accused Served CBI Summons In Emaar Case

Emaar case has long faded out from main stream media for obvious reasons. With CBI in the investigation seat, it was inevitable that all parties suspected to be a part of the case were called in for questioning. In this regards, all Emaar scam accused parties have been served CBI summons and case is being thoroughly investigated to get to the bottom of the controversy. Initially, there was a misconception concerning the role of the real estate firm, Emaar and its partner MGF in the case and media fuelled the fire by wrongly portraying the real estate firm as the culprit in the Emaar case. However, initial investigation by CBI has revealed no evidences against the real estate developer and as of date no charges has been framed against any of Emaar or Emaar MGF officials. On the other hand, several bureaucrats and officials across government agencies have come under CBI scanner for malpractice and alleged involvement in the case.

The controversial project in Hyderabad, Boulder Hills Township was jointly developed by APIIC or Andhra Pradesh Industrial Infrastructure Corporation Limited. The upscale neighbourhood is a world class leisure and residential community spread across 531 acres and built to meet the highest of international standards. Each residential unit within the gated community offers the best in designs and quality and are fully integrated with world class recreational and leisure amenities. Envisioned as a complete self sustainable township, it was built around a picturesque 18-hole golf course. However, this grand vision became rift in controversy as APIIC was accused of illegal land acquisition for the township which it handed over to its co-developer Emaar MGF for development. Further, to save its skin, APIIC accused Emaar of selling off the plots at rates lower than agreed with the state partner, thus reducing the state share of profits in the venture. Media had a field day when these allegations became public and quickly christened it Emaar case, thus creating a wrong impression in the mind of the consumer with regards to the role of the real estate firm in the case. With CBI investigation supporting its claim of innocence, it is slowly emerging that the real estate developer had been framed for no fault of its own, and the real culprits are still being searched through continued cooperation between CBI and Emaar to nab the real Emaar scam accused.

Emaar MGF started operations in 2005 when Dubai based Emaar Properties joined Indian domestic player MGF Development Limited. Bringing in a huge dowry of more than half a billion in FDI, the joint venture had a grand start. It bagged the prestigious project to build the famed Commonwealth Games Village and successfully delivered the world class facility well ahead of times. Besides residential complexes, Emaar MGF has built scores of shopping malls, commercial hubs, business complexes, IT Parks, and theme Parks. Famed in the world for its ultra luxurious and stylish designs, Emaar MGF has opened a plethora of lifestyle change concepts. It is not long before the Dubai based developer, Emaar Properties and Indian offshoot, Emaar MGF occupies the numero uno position in the Indian real estate industry.

About Author Ankit Dua :

The author loves to write small and informative articles on topics related to Real Estate and Travel. In this article he is expressing his thoughts regarding a property case that took place in Hyderabad.(<a href="" target="_blank"></a>)

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Article Added on Sunday, May 25, 2014
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