12 more builders under scanner
CBI is also looking for some land sharks for forcing Pradeep Sethy of AT group to purchase 'cheap' land at inflated prices
Nov 07, 2014
Source : The Times of India


BHUBANESWAR: A day after arresting two builders Vineet Lalani and Dilip Mohanty in connection with AT Group scam, the CBI on Thursday zeroed in on at least 12 other builders. The company chief Pradeep Sethy had partnered with them in several housing and land projects in different districts.

"The previous investigating agency (commissionerate of police) had interrogated some builders, including Lalani. We will summon the 12 builders, whose roles are under scanner. During interrogation, Sethy told us that they cheated him in the projects," said a CBI officer.

Sethy had invested more than Rs 70 crore in the real estate business in Bhubaneswar, Khurda, Jatni, Cuttack, Bhadrak and Ganjam. On September 21, CBI arrested builder Dharmendra Bothra for misappropriating AT Group funds. Bothra worked as a middleman between Sethy and BJD's Dharmasala MLA Pranab Balabantray in a 'controversial' land deal. CBI is also looking for some land sharks for forcing Sethy to purchase 'cheap' land at inflated prices. Sethy, who wanted to earn quick buck from real estate business, failed to dispose those land after realizing the real price of the properties.

"Sethy accused his senior employees of conniving with land brokers and politicians to cheat him. He wanted to sell the land in higher rates, but failed to do so because the real market prices of the land were much less than what he paid while buying," said the CBI officer.

While Sethy earlier told the media that he owned nearly 175 acre at different places in Odisha, police located 241 acre under 10 tehsils. Official sources said the property would fetch around Rs 120 crore. Sethy had purchased the land at Rs 250 crore, incurring heavy losses. He owned nearly 140 acre in and around Bhubaneswar alone. Police had sealed AT Group's 139 flats, including 12 in Bhubaneswar. Two duplexes and a few commercial establishments, purchased by Sethy in Bhubaneswar and Kolkata, too were sealed.

Latest Realty News

Saradha property owners in a fix
Nov 07, 2014
KOLKATA: Enforcement Directorate questioning the Shyamal Sen commission's role in Saradha Property Scam
DDA reports 5,484 acres of vacant land
Nov 07, 2014
NEW DELHI: A survey of DDA-administered land, conducted for the first time, has found 5,484 acres of vacant land in the city
Builder held for duping 425 people in Kalyan
Nov 07, 2014
KALYAN: The Mahatma Phule police in Kalyan have arrested a builder who duped more than 425 people and swindle Rs 4.25 crore from them by booking flats in Ambernath
Greater Hyderabad Municipal Corporation mulls massive property tax waiver
Nov 07, 2014
HYDERABAD: With an eye on the upcoming Greater Hyderabad Municipal Corporation (GHMC) elections, the standing committee of the civic body has decided to waive property tax up to Rs 4,000 per annum for residential properties
Black money: New trail in tax haven probe leads to cash, property in UK, UAE
Nov 07, 2014
New Delhi: The government’s crackdown on black money parked abroad has received a boost with tax authorities unearthing fresh evidence exposing real estate assets and large amounts of cash routed illegally
Real-estate firm asked to pay over Rs 11 lakhs for deficiency of service
Nov 07, 2014
NEW DELHI: The Delhi state consumer panel has asked real estate firm Omaxe Buildhome Pvt Ltd to pay over Rs 11 lakh to a retired Indian Airlines official
Centre identifies 50 districts to modernise all land records in one year
Nov 07, 2014
NEW DELHI: The Centre has identified 50 districts across the country where state governments will modernise all land records in one year
Gujarat govt begins probe in alleged irregularities in solar park land purchase
Nov 07, 2014
Ahmedabad: The land on which Asia's largest solar park in Charanka, Gujarat has been set up has come under investigation
Govt to issue clarification on FDI in construction
Nov 07, 2014
New Delhi: The government will soon issue some clarifications on the rules for foreign direct investment (FDI) in construction
JLL expects $10 bn of properties to go Reit way
Nov 07, 2014
Bengaluru: Jones Lang LaSalle (JLL) Property Consultants, said as much as $10 billion worth of commercial property can be structured as Real Estate Investment Trust

Latest Realty News Of State

Realty Talk's