New Delhi: In a significant move, the Enforcement Directorate (ED) has seized immovable properties worth ₹834.03 crore belonging to Emaar India Limited and MGF Developments Limited. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002, and was announced by the ED on the social media platform X.
The Magnitude of Emaar Properties
Emaar Properties, founded in 1997 by Mohammed Alabbar, is a global real estate giant known for its commercial and residential developments, including malls and luxury hotels. Initially, the Dubai government-owned 100% of the company, with founding shareholders holding 24.3%. Emaar went public in 2000 and has since grown to a valuation of approximately $48.3 billion. The company is renowned for constructing the world’s tallest building, the Burj Khalifa.
Emaar’s Global Presence
Beyond real estate, Emaar has diversified into luxury hotel chains, retail, mining, and commodities. The company also organizes high-profile events, such as the 2015 New Year Celebration in New York, which became the most-watched TV show at the time and earned a Guinness World Record.
Leadership and Financials
In December 2020, Mohammed Alabbar stepped down as chairman but continues to manage day-to-day operations as managing director. According to the latest financial report, Emaar Properties has a net worth of $23.76 billion, calculated by subtracting liabilities from assets.
The Reason Behind the ED Raid
This isn’t the first time Emaar India has faced legal scrutiny. On June 2, 2023, senior officials from Emaar India Limited appeared before the Economic Offences Wing (EOW) of Delhi Police in connection with an alleged real estate fraud case. The current ED investigation is part of a broader probe into money laundering and corruption involving former Haryana Chief Minister Bhupinder Singh Hooda and other officials.
