NEW DELHI: A Delhi court has acknowledged a chargesheet submitted by the Economic Offences Wing (EOW) against M3M India Pvt Ltd and its promoters—Basant Bansal, Roop Bansal, and Pankaj Bansal—regarding an alleged land fraud case involving MGF Developments Ltd.
Chief Judicial Magistrate Harshita Mishra stated that there are sufficient grounds to proceed against the accused under sections 406 (criminal breach of trust), 420 (cheating), 120B (criminal conspiracy), and 34 (common intention), summoning them to appear in court on April 4.
“At the cognizance stage, this Court only needs to determine whether there are sufficient grounds for proceeding, not whether the evidence is adequate for a conviction,” the magistrate explained.
This case stems from an FIR filed in March 2022 based on a complaint by MGF Developments Ltd regarding a land exchange deal in Gurugram worth approximately Rs 450 crore.
The conflict between the two real estate developers dates back to 2016, focusing on competing claims over a land parcel in Chauma village, Gurugram. This has led to multiple complaints and investigations by various agencies, including the Delhi Police’s Economic Offences Wing, Gurugram Police, and the Enforcement Directorate.
The prosecution alleges that MGF had agreed to exchange land parcels with M3M Group in return for other land and a payment of Rs 114 crore through post-dated cheques. It was stipulated that if the cheques were dishonored, the transfer would be nullified. MGF claims the cheques were dishonored, yet the accused handled the land.
The court remarked from reviewing the chargesheet, “It appears, on the surface, that the accused induced the complainant company into a land exchange agreement and later defaulted on payments, fraudulently obtaining land for a building project.”
The FIR asserts that despite not fulfilling payment obligations or having legal possession, the accused partitioned over 31 acres of land and sought licenses for residential projects under Haryana’s New Integrated Licensing Policy, causing MGF approximately Rs 450 crore in losses.
Earlier, the Punjab and Haryana High Court, on April 9, 2025, barred M3M from establishing any third-party rights over the disputed land while MGF’s appeal is being adjudicated. This land is part of licensed areas where several commercial and residential projects are under development in Sector 113, Gurugram.
