Emaar MGF offices searched
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04 December 2009
Emaar MGF, a joint venture between India's MGF Land and Dubai-based Emaar Properties has had its offices in New Delhi, India raided by the Directorate of Enforcement in a probe regarding a violation of the Indian foreign exchange management act.
The company, which won the contract for the Delhi Commonwealth Games housing project, confirmed that some of its New Delhi offices had been searched by revenue officials. A statement from Emaar MGF said, "There was a routine search by the enforcement directorate at some of our premises and we have fully cooperated with the investigation."
It is believed the raid relates to the abuse of foreign currency for the acquisition of agricultural land.
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