APIIC-Emaar case: ED takes possession of attached land
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APIIC-Emaar case: ED takes possession of attached land

Last Updated: Friday, September 13, 2013, 18:08
 
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APIIC-Emaar case: ED takes possession of attached land
Hyderabad: Enforcement Directorate (ED), which is investigating the controversial land deal between Andhra Pradesh agency APIIC and Dubai-based Emaar for a realty project, today said it has taken possession of the land as part of proceedings into the case.

The land, measuring 25,810 sq yard, belongs to Emaar Hills Township Pvt Ltd.

The agency had provisionally attached the property in September 2012 under the Prevention of Money Laundering Act. The attachment was later confirmed by the Adjudicating Authority of PMLA.

ED took possession of as many as 19 plots located at Boulder Hills Community near here, the Central agency said in a release.

The case relates to alleged irregularities in transfer of land and sale of villas and apartments in a township (Emaar Hills) jointly developed here by state-run Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and the Dubai- based infrastructure firm.

"As result, the entire concerned are hereby prohibited and restrained from transferring or charging the above said properties by sale, gift, mortgage, pledge or otherwise in any manner whatsoever and all persons are restrained from receiving the same in manner," the ED release said.

Under PMLA, ED is authorised to take actions of attachment and confiscation of property if the same is determined to be proceeds of crime derived from offences listed under the legislation.

PTI



First Published: Friday, September 13, 2013, 18:08


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