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NCLT allows Piramal Capital's insolvency plea against Prithvi Residency13 hrs
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EXCLUSIVE
NAGPUR: ED CONDUCTS SEARCHES AT PROPERTIES OF SANDESH CITY'S OWNER
An ED team of around 50 personnel landed at Agrawal's residence in Ramdaspeth in
the morning and simultaneously searches were also started at the offices of
Sandesh City Group and Sandesh Infrastructure.
* PTI
* Updated: March 03, 2023, 20:25 IST
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NAGPUR: The Enforcement Directorate (ED) was conducting searches at 17
properties of two real estate businessmen in Nagpur city on Friday, an official
said.
Searches were underway at the properties of one Mehadia and Rammu alias Ramdev
Agrawal, owner of Sandesh City, he said.
An ED team of around 50 personnel landed at Agrawal's residence in Ramdaspeth in
the morning and simultaneously searches were also started at the offices of
Sandesh City Group and Sandesh Infrastructure Private Limited.
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Sandesh Infrastructure
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Nagpur
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PEOPLE WHO READ THIS ALSO READ
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cost: Tata Realty MD & CEO
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* Lapsed building projects haunt Mumbai homebuyers
* CBI arrests Pearls Group's director after his deportation from Fiji
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* This Week
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* UTTAR PRADESH CM MEETS AGGRIEVED NOIDA HOMEBUYERS, ASSURES 'COMPLETE
SOLUTION'
Yogi Adityanath met with a group of homebuyers' association NEFOWA from
Greater Noida (West) also known as Noida Extension in Lucknow along with
Singh.
* RELIANCE INDUSTRIES ENTERS COMMERCIAL REAL ESTATE BUSINESS
* BOMBAY HC SAYS NO STAMP DUTY ON REDEVELOPED HOUSING SOCIETY APARTMENTS
* RAVI PNC MENON RESIGNS AS WHOLE-TIME DIRECTOR OF SOBHA
* UTTAR PRADESH CM MEETS AGGRIEVED NOIDA HOMEBUYERS, ASSURES 'COMPLETE
SOLUTION'
Yogi Adityanath met with a group of homebuyers' association NEFOWA from
Greater Noida (West) also known as Noida Extension in Lucknow along with
Singh.
* RELIANCE INDUSTRIES ENTERS COMMERCIAL REAL ESTATE BUSINESS
* HARYANA RERA ISSUES ARREST WARRANT AGAINST SHREE VARDHMAN INFRAHOME'S
DIRECTORS
* OCCUPANCY CERTIFICATE NOT NEEDED FOR DEEMED CONVEYANCE IN MAHARASHTRA
MOST READ IN REGULATORY
* This Week
* This Month
* BOMBAY HC SAYS NO STAMP DUTY ON REDEVELOPED HOUSING SOCIETY APARTMENTS
* SETBACK FOR BUILDERS IN NOIDA, GREATER NOIDA; SC REFUSES TO RECALL ITS NOV 7
ORDER
* JAYPEE INSOLVENCY: NCLT MAY PASS JUDGEMENT ON SURAKSHA BID ON MARCH 7
* MAHARERA PROBE FINDS 1,781 BANK ACCOUNTS LINKED TO MULTIPLE PROJECTS, ISSUES
NOTICES
* HARYANA RERA ISSUES ARREST WARRANT AGAINST SHREE VARDHMAN INFRAHOME'S
DIRECTORS
* BOMBAY HC SAYS NO STAMP DUTY ON REDEVELOPED HOUSING SOCIETY APARTMENTS
* CBI RECOVERS ASSETS WORTH OVER RS 50 CRORE DURING SEARCHES AGAINST DIRECTORS
OF GARDENIA INDIA
* SETBACK FOR BUILDERS IN NOIDA, GREATER NOIDA; SC REFUSES TO RECALL ITS NOV 7
ORDER
REALTY TV
* PENT UP DEMAND OF LAST FEW YEARS HAS HELPED REALTY INDUSTRY TO BOUNCE BACK:
EXPERTS
* 01:19:16
HOUSING FINANCE COMPANIES EXPECT A DOUBLE DIGIT GROWTH IN FY23
* 20:16
ALMOST RS 250 CRORE HAS BEEN REFUNDED TO BUYERS: RAJIVE KUMAR, CHAIRMAN,
UP-RERA
* 21:01
GIVEN FINAL APPROVAL TO 108 PROJECTS: IRFAN A KAZI, CIO, SWAMIH INVESTMENT
FUND
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EXCLUSIVE
CBI ARRESTS PEARLS GROUP'S DIRECTOR AFTER HIS DEPORTATION FROM FIJI
A team of CBI officials had gone to Suva in Fiji to bring Gill after being
deported from the archipelago under 'Operation Trishul' and was placed under
arrest after landing here, they said.
* PTI
Click Here to Read This Story
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File PhotoNEW DELHI: The CBI has arrested Harchand Singh Gill, director of a
Pearls Group company, who was deported from Fiji in connection with a Rs 60,000
crore ponzi scam allegedly orchestrated by the parent firm, officials said on
Tuesday.
A team of CBI officials had gone to Suva in Fiji to bring Gill after being
deported from the archipelago under 'Operation Trishul' and was placed under
arrest after landing here, they said.
The operation was launched by the Central Bureau of Investigation (CBI) to bring
back fugitives living abroad and around 30 fugitives were successfully brought
to India under the operation since its launch last year.
The operation aims to geo-locate proceeds of crimes and fugitives with the help
of Interpol and bring them back.
Gill was absconding in the case and had an open dated Non-Bailable Warrant of
Arrest against him issued by a special court, the officials said.
The CBI had got a 'Red Notice' published against him through Interpol, they
said.
The agency started the investigation against the Pearls Group and its founder
Nirmal Singh Bhangoo on February 19, 2014 on the allegations of cheating Rs 5.5
crore gullible investors by offering them land in return of their investments.
The agency has alleged that over Rs 60,000 crore was siphoned off by the company
by duping the investors across the country.
The CBI has alleged that Gill was the director and shareholder of PGF, a Pearls
group company, and was alleged to be present in the board meetings where all the
important decisions were taken.
Gill allegedly conspired with other directors of the company to operate the
collective investment scheme illegally without any statutory approval, a CBI
spokesperson said.
"These schemes were running illegally and both the companies were allegedly
engaged in fraudulent activities including forgery in their day-to-day
operations," the spokesperson said.
According to CBI, the searches conducted by the agency in February, 2014 at the
office premises and residences of directors and other suspected places in Delhi,
Jaipur (Rajasthan), Chandigarh, Punjab and Haryana led to recovery of huge
records and data relating to deposits from public and their misutilisation and
diversion of funds, besides other incriminating documents.
"Investigation also revealed that the accused fraudulently diverted the alleged
funds collected under the aegis of Jaipur based private company for purported
investment in Australian companies. It was also alleged that 132.99 million AUD
(approx) was found to have been diverted to Australian companies," the CBI
spokesperson said.
The investors had not allegedly received any land allotment letter from the
company and almost all the investors to whom the company had allotted the land
were unpaid, he said, adding that most of the land was either non-existent or
government land or not sold by the owner.
It was also alleged that there were more than 23 lakh enrolled commission agents
and out of them, more than 1,700 were top level field associates and several of
these top level commission agents used to get monthly commission in lakhs of
rupees.
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Regulatory
Pearls Group
Red Notice
Operation Trishul
Harchand Singh Gill
Fiji
CBI
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EXCLUSIVE
NCLT ALLOWS PIRAMAL CAPITAL'S INSOLVENCY PLEA AGAINST PRITHVI RESIDENCY
Piramal had filed its application in January 2022, while the developer had
defaulted on its dues in March 2019. The company originally owed the funds to
Dewan Housing Finance (DHFL), which has been acquired by Piramal in a bankruptcy
auction. DHFL had sanctioned a loan of ₹485 crore to Prithvi Residency in 2017.
* Kailash Babar
&
* Maulik Vyas
* ET Bureau
Click Here to Read This Story
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A bankruptcy court has admitted Piramal Capital and Housing Finance's plea for
starting insolvency proceedings against Mumbai realtor Prithvi Residency for the
borrower's failure to pay more than ₹850 crore in dues. The loan was sanctioned
by mortgage lender DHFL, acquired by Piramal in an insolvency.
Jayesh Natvarlal Sanghrajka will be the administrator after the National Company
Law Tribunal's (NCLT) Mumbai bench acted on Piramal's request. Total dues of
₹877 crore include both the principal and interest accrued but unpaid.
Piramal had filed its application in January 2022, while the developer had
defaulted on its dues in March 2019. The company originally owed the funds to
Dewan Housing Finance (DHFL), which has been acquired by Piramal in a bankruptcy
auction.
DHFL had sanctioned a loan of ₹485 crore to Prithvi Residency in 2017.
Between November 2016 and June 2017, the financial creditor disbursed a total
sum of ₹484.95 crore to the developer. Under the revised sanction letter in
March 2017, an interest moratorium of 15 months with effect from January 2017
was provided to the company with annual servicing of interest. The first such
annual interest servicing was due on March 31, 2018.
The developer committed various defaults under the loan agreement and first such
default occurred in March 2019.
DHFL had written to the developer in December 2019 and January 2020 asking the
developer to pay, but the realtor didn't.
Finally, the lender issued a notice in April 2020 informing the developer that
it had failed to pay two instalments aggregating to over ₹113.2 crore and
recalled the entire loan amount of ₹615.12 crore. It had asked the company to
pay this amount within 7 days from the date of notice. However, the developer
defaulted.
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Regulatory
piramal
prithvi residency
piramal capital and housing finance
national company law tribunal
dewan housing finance
prithvi
mumbai
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EXCLUSIVE
GUJARAT HC ISSUES NOTICES OVER CONSTRUCTION NEAR MONUMENT
A resident of the area, Janaksinh Parmar, filed the PIL claiming that HR Space
Con LLP and Param Con Corp LLP have put up buildings within the 100m prohibited
and 200m regulated zones.
* TNN
Click Here to Read This Story
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AHMEDABAD: The Gujarat high court on Monday issued notice to the Archaeological
Survey of India (ASI), the Ahmedabad Municipal Corporation (AMC) and two
developers, over a PIL complaining about the erection of buildings in the
prohibited and regulated zones of a listed monument in Paldi - the small stone
mosque or Rani Masjid.
A resident of the area, Janaksinh Parmar, filed the PIL claiming that HR Space
Con LLP and Param Con Corp LLP have put up buildings within the 100m prohibited
and 200m regulated zones.
His lawyer, N V Gandhi submitted that despite complaints to the authorities, the
construction has been put up. The question is how ASI granted permission.
On the petitioner saying that the construction of buildings is over, the judges
asked why the court was not approached earlier.
The petitioner's counsel submitted that there were continuous representations to
the authorities as soon as the construction projects began.
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Regulatory
rani masjid
gujarat
Archaeological Survey of India
Ahmedabad Municipal Corporation
AHMEDABAD
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EXCLUSIVE
NCLT APPROVES SURAKSHA GROUP'S BID FOR JAYPEE INFRATECH
The ruling, which also comes nearly two years after the Committee of Creditors
(CoC) gave its nod for Suraksha group's offer, will pave the way for the
completion of more than 20,000 housing units in various stalled projects of
Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national
capital region.
* PTI
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NEW DELHI: The National Company Law Tribunal (NCLT) on Tuesday approved the
Mumbai-based Suraksha group's bid to buy Jaypee Infratech Ltd, a development
that comes as a relief for more than 20,000 homebuyers nearly six years after
the debt-ridden company entered into the insolvency process.
The ruling, which also comes nearly two years after the Committee of Creditors
(CoC) gave its nod for Suraksha group's offer, will pave the way for the
completion of more than 20,000 housing units in various stalled projects of
Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national
capital region.
A two-member Principal bench of NCLT headed by President Ramalingam Sudhkar on
Tuesday approved the resolution plan, more than three months after concluding
the hearing and reserving the order.
A monitoring committee will be set up by the applicant Interim Resolution
Professional (IRP) and it will take all necessary steps for expeditious
implementation of the resolution plan, the bench said.
The committee, to be constituted as per the resolution plan, will be set up in
seven days.
The successful resolution applicant should deliver the units for possession by
the homebuyers concerned as per the time frame promised in the resolution plan,
the bench said.
"The monitoring committee would supervise and monitor the progress of the
construction of units, related infrastructure development on a day-to-day basis
and file report before this Adjudicating Authority (NCLT) on a monthly basis,"
it added.
On November 22 last year, NCLT had reserved its order over the plea filed by the
IRP of Jaypee Infratech Ltd (JIL) seeking approval for Suraksha group's bid.
In June 2021, Suraksha group received the approval of the CoC, which includes
banks and homebuyers, to takeover JIL.
JIL was among the first list of 12 companies against whom the Reserve Bank of
India (RBI) had directed the banks to approach NCLT for initiation of insolvency
proceedings.
Section 12 (1) of the Insolvency and Bankruptcy Code (IBC) mandates a CIRP to be
completed within a time frame of 180 days from the date of admission of the
application. Subject to certain conditions, CIRP can be extended and completed
within 330 days, including any extension and the time taken in legal
proceedings.
CIRP refers to Corporate Insolvency Resolution Process.
However, JIL was an exceptional case that faced several rounds of litigations.
In the fourth round of the bidding process to find a buyer for JIL in 2021,
Suraksha group had won the bid with 98.66 per cent votes. The company had got
0.12 per cent more votes than state-owned NBCC which was also in the fray.
As many as 12 banks and more than 20,000 homebuyers have voting rights in the
CoC.
CIRP against JIL was started in August 2017 over an application by an IDBI
Bank-led consortium.
In its final resolution plan, Suraksha group offered to bankers more than 2,500
acres of land and nearly Rs 1,300 crore by way of issuing non-convertible
debentures.
It has also proposed to complete all pending flats over the next four years.
JIL''s lenders have submitted a claim of Rs 9,783 crore.
In the first round of insolvency proceedings in 2018, the Rs 7,350 crore-bid of
Lakshadweep, part of the Suraksha group, was rejected by the lenders.
The CoC had rejected the bids of Suraksha and NBCC in the second round held in
May-June 2019.
In November 2019, Supreme Court directed that the revised bids be invited only
from NBCC and Suraksha. Then, in December 2019, the CoC approved the resolution
plan of NBCC with a 97.36 per cent vote in favour during the third round of the
bidding process.
In March 2020, NBCC had got approval from the NCLT to acquire JIL.
However, the order was challenged before the NCLAT and later in the Supreme
Court.
On March 21, 2021, the apex court ordered for fresh round of bidding between the
NBCC and the Suraksha group only.
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EXCLUSIVE
INDORE CIVIC BODY RESORTS TO 'NAMING & SHAMING' TO RECOVER DUES
IMC zone 7 team on Saturday approached a defaulter with ‘Dhol’ (drum) and
informed the neighbors and passersby, through ‘Munadi’ (public announcement),
about the total dues of around Rs 2.69 lakh as property and other taxes as due
against the property owner.
* TNN
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INDORE: Indore Municipal Corporation (IMC), which has a target to generate
income of Rs 725 Crore by March 31 through property tax, water tax, rent and
other means, has resorted to ‘naming and shaming’ the defaulters by using ‘Band
Baja’ as its new weapon to approaching the nonpayers.
The success of IMC’s first trial of public-shaming using ‘Band Baja’, which was
carried out on Saturday against a ‘defaulter’ of property and other taxes in
Scheme 54 under Zone 7, has boosted confidence to the senior officials to use
the same tactics to help meeting its target for 2022-23 i.e. Rs 725 Crore, which
is presently around Rs 225 Crore short with less than one month left to end the
current financial year on March 31.
IMC zone 7 team on Saturday approached a defaulter with ‘Dhol’ (drum) and
informed the neighbors and passersby, through ‘Munadi’ (public announcement),
about the total dues of around Rs 2.69 lakh as property and other taxes as due
against the property owner.
After the ‘Naming & Shaming’, IMC’s team sealed the property by preparing a
‘Punchnama’ that reads that opening of the seal without the requisite
permissions is likely to lead to launching an FIR (against the concerned
persons). “By evening, the property owner deposited Rs 2 lakh against the due
taxes,” IMC additional commissioner Abhishek Gehlot told TOI, adding that based
on success of the ‘tactics’, all 19 zones of IMC, depending on the need, may
also hire ‘Dhol’ (Band Baja) and approach the ‘defaulters’ for recovery.
“By end of February, IMC had generated a total income of around Rs 494 Crore
through property tax/water tax/rent and other means while we are left with less
than one month to achieve the target and thus, all possible efforts are being
made” he said.
Senior advocate Pushyamitra Bhargava, who is also Indore mayor, said, “There is
provision in the law to resort to ‘Munadi’ (drum beat) to recover the dues and
thus, there is nothing wrong in it.”
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EXCLUSIVE
TELANGANA HC STAYS SINGLE-JUDGE ORDER ON RAMKY INTEGRATED TOWNSHIP, RELIEF FOR
HMDA
A bench of Chief Justice Ujjal Bhuyan and Justice N Tukaramji was hearing an
appeal of HMDA which contended that the single judge order would harm its
interests.
* Sagar Kumar Mutha
* TNN
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HYDERABAD: The Telangana high court on Monday heard an appeal filed by HMDA in
respect of a dispute that arose between it and Ramky Integrated Township Limited
and stayed the order of a single judge who asked Maheshwaram sub-registrar in
Rangareddy district to allow registration of villas and apartments at its
Discovery City.
A bench of Chief Justice Ujjal Bhuyan and Justice N Tukaramji was hearing an
appeal of HMDA which contended that the single judge order would harm its
interests.
Senior counsel D Prakash Reddy argued the case of Ramky and said that the
subregistrar was refusing to althe property was not placed under the prohibitory
register maintained under section 22-A of the Stamps and Registration Act. The
officials were acting merely on a memo given by the IG of registration which is
unlawful, he said.
Senior counsel A Sudarsan Reddy, who appeared for HMDA, said that Ramky did not
come to court with clean hands. “It took our land and did not pay the promised
money. This was the money offered by Ramky in 2005 under the Swiss challenge
method and stopped the state government from acquiring the land,” he recalled.
The farmers too were aggrieved with the constructions being raised in their area
without their consent and compensation and approached the civil court asking it
to restrain Ramky. They also approached the high court. The bench stayed the
single judge order and posted the case to March 23 to hear the appeals of both
HMDA and the farmers. Raised by Ramky, Discovery City is spread over more than
80 acres of land in survey numbers 227 and 230 of Srinagar village in
Maheshwaram mandal.
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EXCLUSIVE
JAYPEE INSOLVENCY: NCLT MAY PASS JUDGEMENT ON SURAKSHA BID ON MARCH 7
In a regulatory filing, Jaypee Infratech Ltd informed that the matter is
"further listed for order(s)/appropriate directions before Hon'ble National
Company Law Tribunal, Principal Bench, New Delhi on 7th March 2023."
* PTI
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NEW DELHI: The National Company Law Tribunal (NCLT) is scheduled to pass its
judgement on Tuesday on Mumbai-based Suraksha group's bid to acquire Jaypee
Infratech Ltd through the insolvency process. In late November last year, the
NCLT reserved its order on Suraksha group's bid to acquire Jaypee Infratech Ltd
and complete around 20,000 flats for aggrieved homebuyers.
In a regulatory filing, Jaypee Infratech Ltd informed that the matter is
"further listed for order(s)/appropriate directions before Hon'ble National
Company Law Tribunal, Principal Bench, New Delhi on 7th March 2023."
In June 2021, the Suraksha group received the approval of financial creditors
and homebuyers to takeover the Jaypee Infratech Ltd, raising hopes for 20,000
homebuyers of getting possession of their dream flats in stalled projects,
mainly in Noida and Greater Noida.
The corporate insolvency resolution process (CIRP) against JIL was started in
August 2017.
It was among the first list of 12 companies against whom, the Reserve Bank of
India (RBI) had directed the banks to approach NCLT to get insolvency
proceedings initiated.
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EXCLUSIVE
POWER BILLS TO HELP TRACE NEW PROPERTY TAXPAYERS IN CHANDIGARH
The UT has sent over 2 lakh power connections data to the civic body authority,
who are currently having power connection and consuming electricity on a regular
basis.
* Deepak Yadav
* TNN
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CHANDIGARH: The power department of the Chandigarh administration has sent the
detailed data of power consumers of Chandigarh to the Municipal Corporation for
matching the same with the civic body authority’s property tax data to identify
new property taxpayers.
The UT has sent over 2 lakh power connections data to the civic body authority,
who are currently having power connection and consuming electricity on a regular
basis.
The power connections are comprising of all the categories, namely residential,
commercial, industrial government etc and now the category wise bifurcation for
the matching of the data has started.
Since the minute details along with the occupier or owners’ names and all the
related details have been accessed , it will be now much easier for the civic
body authority to locate individuals.
“The received data from the power department is lengthy, but very useful. The
authority has started the process of matching the same and soon after that, we
are quite hopeful that the number of the property taxpayers will increase. Since
some properties are exempted and doesn’t fall under the property tax ambit,
therefore, we have to match the properties accordingly as per our records,”
sources said.
Sources revealed that since everybody takes power connections, the data of the
electricity department will clear the picture to a large extend and identify new
property taxpayers.
Since property tax is a major source of the revenue for the Municipal
Corporation, Chandigarh, the civic authority body authority has also received
the data of around 60,000 properties recently from the Estate Office of the
Chandigarh administration for matching the same with the data of the property
tax and the process of this exercise is also going on. Recently, there was a
major mismatch in the data of around 36,800 properties across Chandigarh after
property tax receipts were matched with water bills.
MC aims to collect Rs 92 crore
As per records of the MC, till date, the authority has received around Rs 68
crore as property tax from both commercial and residential units.
Out of this, from commercial category, the authority has received around Rs
49.91 crore and from residential category, they got around Rs 17.50 crore. This
amount has come against the target of Rs 80 crore property tax in the current
financial year, which will complete on March 31st. For the next financial year,
beginning from April 1st 2023, the MC has kept target of Rs 92 crore as property
tax.
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EXCLUSIVE
BUOYANT REAL ESTATE MAY GENERATE BUMPER REVENUE IN MADHYA PRADESH
“For 2022-23, Indore stamp and registrar department has a target of generating a
total income of Rs 2,323 crore and of this, about Rs 1,800 crore of revenue has
been generated through registration of around 1.4 lakh properties by starting of
the March,” said DIG at Indore-Ujjain division stamp and registrar department
Balkrishna More.
* TNN
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INDORE: With a surge in real estate market of Indore, the stamp and register
department is confident of generating income of Rs 550 in this last month of the
current financial year to achieve its target of Rs 2,300 crore for 2022-23 that
is more than 50% of remaining 14 districts of Indore and Ujjain divisions.
“For 2022-23, Indore stamp and registrar department has a target of generating a
total income of Rs 2,323 crore and of this, about Rs 1,800 crore of revenue has
been generated through registration of around 1.4 lakh properties by starting of
the March,” DIG at Indore-Ujjain division stamp and registrar department
Balkrishna More told TOI, adding that as decided, all district registrar and
sub-registrar offices will remain open throughout the month (including on every
Saturday and Sunday) except on Holi.
“With around a month left, we are confident to easily generate income of Rs 550
crore through property registration to achieve this financial year’s target” he
said, adding that the department has already reached near to the mark of Rs
1,836 crore as income generated through registration of a total 1.34 lakh
properties by Indore stamp and registrar department in 2021-22.
“There are multidimensional aspects of the country’s cleanest city for the sixth
time in a row to grow” he said, further explaining that situated adjacent to
Shri Mahakeshwar and Shri Omkareshwar Jyotirlinga, Indore has established its
global identity as an education, medical, tourism and industrial hub of the
Central India while better air and road connectivity, along with high migration
as one of most preferred city by ‘outsiders’ and NRIs to invest in properties
are some of the main reasons behind a surge in the real-estate market in MP’s
most populated city.
Compared to Indore district’s stamp and registrar department current financial
year’s target, the remaining 14 districts of Indore and Ujjain division have a
total income of around Rs 2,100 Crore to generate in 2022-23. While the minimum
target of Rs 19 Crore is set for Alirajpur, followed by Rs 49 Crore for Agar and
Rs 61 Crore for Jhabua, a target of generating Rs 414 Crore of income through
property registration has been set for Ujjain district.
Of this, all remaining 14 districts of Indore and Ujjain division (except Indore
district) have so far generated a total income of Rs 1,500 Crore.
“Ujjain and Dewas – two neighbouring districts of Indore have also shown some
prospects as ‘progressive cities’ and thus, a jump in property registration has
also recorded there”, the DIG said while talking to TOI on Saturday.
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EXCLUSIVE
MAHARASHTRA REALTY AGENT HELD FOR CHEATING
Vijay Kumar and his aide Sridhar from Sheikpet approached Ravi to buy four plots
in the city through one Santhosh Kumar. Ravi convinced the duo that land owner,
Naga Kishore, and two others wanted to sell four plots.
* TNN
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HYDERABAD: RGI Airport police arrested a real estate agent for cheating two land
buyers and escaping with 80 lakh cash. The amount was recovered. The accused,
Kokkula Ravi, 42, is a real estate agent from Bhiwandi in Maharashtra. He was
arrested at Ghatkesar toll plaza.
Vijay Kumar and his aide Sridhar from Sheikpet approached Ravi to buy four plots
in the city through one Santhosh Kumar. Ravi convinced the duo that land owner,
Naga Kishore, and two others wanted to sell four plots. Vijay and Sridhar gave
Ravi 20 lakh advance.
On February 2, Ravi asked them to come to RGIA to receive land owners. Sridhar
and Vijay reached Shamshabad with 80 lakh cash and Ravi took them to a
restaurant. As soon as the duo got out of Ravi's car to get into the eatery,
Ravi sped away with the cash bag. The duo alerted cops.
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