A housing society in Indore district sold land valued at Rs 3.37 crore for just Rs 50 lakh, prompting the Economic Offences Wing (EOW) to register a case against its members
In 2005, Karan Housing Society president Vijay Rathi proposed selling the land and purchasing another parcel using the proceeds. The Deputy Registrar granted permission on the condition that the land be sold at the collector rate and the amount be used to acquire another property.
However, in 2008-09, it was found that the land was sold to multiple firms, including Ramkunwar Builders and Developers, whose chairperson, Namrata Rathi, is the wife of Vijay Rathi, for Rs50 lakh, despite its valuation of Rs 3.37 crore at the time.
Investigations revealed that instead of purchasing new land, the society’s directors and members withdrew the funds and used them for personal purposes. It also emerged that while the actual transaction value was Rs 3.37 crore, only Rs 50 lakh was shown in official records.
The EOW has registered a case against seven suspects, including Vijay Rathi, Namrata Rathi, Abhay Puranik and Jyoti Puranik, along with the directors of Tejkaran Infrastructure, Ramkunwar Builders and Karan Housing Society.
