The company allegedly hatched a plan to buy a valuable piece of land in Gurugram at half its price and trapped government agencies in its scheme.
New Delhi: The M3M Group, a well-known real estate company in Delhi NCR, has allegedly committed a major fraud. The company allegedly hatched a plan to buy a valuable piece of land in Gurugram at half its price and trapped government agencies in its scheme. Zee News is working on this story to expose this scam in the real estate sector and the company’s fraudulent activities.
Understanding Operation Real Loot
According to the investigation, this case is related to 9.26 acres of land located in Sector 62 on Golf Course Extension Road in Gurugram, which is one of the most premium real estate corridors in the Delhi-NCR region. According to documents reviewed by Zee News, this land, valued at approximately Rs 534 crore about a decade ago, was purchased for approximately Rs 300 crore, which was significantly less than its estimated value at the time.
ZEE NEWS Has Every Document
ZEE NEWS has every document that tells the complete story of M3M Group’s fraud. Which company gave the loan, which company took the loan, and which company acted as a shell company to buy the land. Every page of the investigation report is unfolding layer after layer of the scams.
Auction Was Stayed
According to the Zee News report, in 2018, the Delhi High Court had stayed the sale or auction of the land. Despite this, the investigation alleges that the property was later auctioned, which was reportedly a violation of the court order. The report further claims that the land was auctioned at a price approximately Rs 234 crore below its estimated value, and the buyer was a company linked to the same banking group that conducted the auction. Zee News alleges that this company was acting as a front or “puppet” entity, created and funded to facilitate this transaction.
The Role Of Front Companies And Financing
According to Zee News, the investigative documents detail the flow of funds between several entities, specifying which company provided the loan, who received it, and who ultimately purchased the land. The channel claims these records point to a pre-planned arrangement designed to acquire ownership of the property at a significantly undervalued price.
A senior lawyer quoted by Zee News stated that the alleged transaction not only involved a violation of High Court directives but also constituted a misuse of the insolvency process, allegedly misleading banks and regulatory systems.
Value Appreciation And The Importance Of Location
Zee News reported that the land’s value has appreciated rapidly since the transaction, with current estimates placing its value at approximately Rs 900 crore. The channel cited nearby luxury developments, such as DLF Camellias, where individual penthouses reportedly sell for around Rs 100 crore, to underscore the strategic importance of the location.
M3M Group’s Response Awaited
Zee News stated that it is awaiting a response from the M3M Group regarding the allegations. The channel said it will continue its investigation under its ongoing series “Operation Real Loot,” promising further revelations based on documents and official records.
