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Amit Jain, group CEO of Emaar properties has been detained at the Delhi airport with regards to a case registered in Punjab.
Amit Jain arrived at Delhi super by flight EK-516 from Dubai on Friday and was detained on the basis of an Look Out Circular, issued by the Punjab police.
The FIR under sections 420/406/120B IPC at PS City Rupnagar (Punjab) was registered in November 2019. The LOC was issued against Jain and Hadi Badri, who had recently resigned as director of Emaar India.
“Punjab police had written to the immigration authority on June 17, in relation to the FIR registered there. When Jain arrived today, he was detained and Punjab police was informed,” said an airport official.
Emaar India did not respond to the email query till press time.
Jain joined Emaar as the group’s finance leader in 2006, with 22 years of experience in real estate and banking. Jain is a Chartered Accountant from the Institute of Chartered Accountants of India, and he holds a CFA Charter from the CFA Institute, U.S.
Emaar Properties, which entered India in 2005 with the largest FDI in the realty sector then, had invested about Rs 8,500 crore in the Indian real estate market through its joint venture Emaar MGF Land.
However, in April 2016, it decided to end this joint venture and two months later Shravan Gupta, the then executive vice chairman and managing director of the joint venture, resigned from the post. The demerger was finally approved in July 2018.
Currently, the erstwhile partners are at loggerheads after the Dubai-based realty developer accused fraud in joint venture agreements and land deals and filed a petition with NCLT in November 2019 seeking investigation into this. It has sought compensation of Rs 2,400-crore bank guarantee to secure its losses. MGF has refuted all these charges.
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