The enforcement directorate (ED) has claimed to have found 'incriminating documents' which put Emaar MGF under suspicion of violating FEMA rules at a large scale.

According to official sources ten offices of Emaar MGF had been raided in Delhi and Noida in connection with violation of Foreign Exchange Management Act regulations and diverting money from abroad to buy agricultural land.

The ED officials alleged the company to mis-report the facts in its declaration.

One of the officials said, "The group has floated more than 350 companies including large number of companies registered in Cyprus, Cayman Islands, Mauritius and Singapore. Huge amount of money was found to have been routed and re-routed through these companies"

The official further informed that the documents seized in the raids reveal that employees of the group with very low means have been shown as directors of the company.

The company seems to have got more than Rs. 6,000 crore through FDI during last four years. Out of the total 12800 acre of the land bank, 8700 acre is agricultural land, which has been acquired through the FDI funds which is a clear cut violation of FDI norms. Moreover it is suspected that the company has used some portion of the FDI funds for other purposes, including buying an airplane.