A Delhi court has taken cognisance of a chargesheet filed by the Economic Offences Wing (EOW) of the Delhi Police against real estate giant M3M India Pvt Ltd and its top promoters—Basant Bansal, Roop Bansal, and Pankaj Bansal—in a ₹450 crore land fraud case involving MGF Developments Ltd.
Chief Judicial Magistrate Harshita Mishra held that there were “sufficient grounds” to proceed against the accused under Sections 406 (criminal breach of trust), 420 (cheating), 120B (criminal conspiracy), and 34 (common intention) of the Indian Penal Code. The court has summoned the accused to appear on April 4.
“At the stage of taking cognisance, this Court is required to see whether there are sufficient grounds for proceeding and not whether the evidence is enough for conviction of the accused persons,” the magistrate observed.
The case stems from an FIR registered in March 2022 based on a complaint by MGF Developments Ltd concerning a 2016 land exchange deal in Chauma village, Gurugram. The land, measuring over 31 acres, was allegedly valued at around ₹450 crore.
According to the complaint, MGF had agreed to transfer land parcels to M3M Group in return for other land and a payment of ₹114 crore through post-dated cheques. A clause in the agreement specified that if the cheques were dishonoured, the transaction would stand cancelled.
However, MGF alleges that despite the cheques being dishonoured, M3M went ahead and dealt with the land, allegedly partitioning it, applying for licences under the Haryana government’s New Integrated Licensing Policy, and initiating building projects without having paid the consideration amount.
Upon reviewing the chargesheet, the magistrate noted that:
“It prima facie appears that the accused persons induced the complainant company into entering into an agreement qua exchange of land in Gurugram and subsequently defaulted in the payment and fraudulently got the land mutated for a building project.”
The FIR also claims that the accused caused financial losses of ₹450 crore to MGF by misrepresenting ownership and using the land for commercial purposes without a valid title.
In a related development, the Punjab and Haryana High Court, on April 9, 2025, had restrained M3M from creating any third-party rights over the disputed land until MGF’s appeal is adjudicated. The land in question lies within licensed zones of Sector 113, Gurugram, where M3M is reportedly developing multiple residential and commercial projects.
The case has drawn the attention of several investigative agencies, including the Delhi Police EOW, Gurugram Police, and the Enforcement Directorate, reflecting the high stakes and complex web of transactions between the two prominent real estate players.
The proceedings are now set to intensify as the accused are expected to appear in court on April 4 for further legal action.
