Shravan Gupta, a two-country fugitive, faces Rs 180 crore fraud charges
Last year, Shravan Gupta was convicted by an Abu Dhabi court of alleged fraud and embezzlement and sentenced to 10 years in prison.
Shravan Gupta, chairman of MGF Group, is accused of defrauding EMAAR Group of Rs 180 million and then fleeing to London. EMAAR Group built the world’s tallest building, Burj Khalifa. The Delhi Police Economic Offenses Wing’s (EOW) chargesheet dated 2024 reveals the full details of Gupta’s scam.
How did Shravan Gupta commit fraud with EMAAR Group?
Dubai-based EMAAR Group entered India in 2005 and subsequently partnered with Delhi-based real estate group MGF Developments Ltd to form a joint venture called EMAAR MGF. It is alleged that Rs 3734 crore was paid to Nanny Infrastructure Private Limited under EMAAR MGF’s Palm Hills project.
Similarly, Rs 142.68 crore was paid to Saum Infra Private Limited under the Imperial Garden project. Together, around Rs 180 billion from the joint venture company was transferred to these two private companies, which were offered as service providers. However, the company neither provided any service in return for payment nor returned the money.
Delhi Police registers EOW fraud case
The EOW of Delhi Police registered a case of fraud and started investigating. The investigation revealed that both Nanny Infrastructure and Saum Infra are companies owned by MGF Group chairman Shravan Gupta and his partner. Gupta had concealed his affiliation with these companies from EMAAR Group, possibly for fraudulent purposes. Since the case involved money laundering, the Enforcement Directorate (ED) stepped in.
Non-bailable arrest warrant issued against Shravan Gupta
A non-bailable arrest warrant was issued against Shravan Gupta due to his non-cooperation with the investigation. He approached the Delhi High Court to quash the order, but the court rejected it. The ED seized Rs. 82 million MGF Group assets in Delhi and Gurugram.
Shravan Gupta sentenced to 10 years in prison in Abu Dhabi
In May last year, Gupta was convicted by an Abu Dhabi court of alleged fraud and embezzlement and sentenced to ten years in prison.
VVIP accused of helicopter scam
In India, Shravan Gupta is also involved in the infamous AgustaWestland VVIP helicopter scam. He is accused in a helicopter money laundering case and is on the ED’s radar. He fled India to London to escape government institutions. Gupta is a fugitive from not one but two countries, India and the UAE.
MGF Group’s response
According to Zee News, Shravan Gupta claimed that he has no direct connection with Nanny Infra and Saum Infra. Regarding the BAE case, they stated that the incident was linked to Nanny Infra and not MGF.
