Land deal goes sour: CI Group director Rakesh Malik duped of Rs 2.11 cr in Bhopal

BHOPAL: MP Nagar police have registered a case of fraud of Rs 2.11 crore on the complaint of CI Group director Rakesh Malik. Malik, who lives in E-4, Arera Colony, had struck a deal of land in Govindpura of industrial area at Rs 2.11 crore with Ramesh Bachchani of Malviya Nagar. Malik made full payment towards the plot, however, Bachchani did not execute the sale deed in his favour.

Malik in his police complaint said that Bachchani was known to him and the two had entered into a land deal. Bachchani was keen in selling his plot at Govindpura, adjacent to Ashoka Garden and Malik showed interest in it. A deal was struck between the two in April, 2019. The payment towards the same was made through Demand Draft and account paying cheques, however, Bachchani did not execute the plot registry in favour of Malik, following which the latter approached police and lodged a complaint.

ASP Rajesh Badauria said that Ramesh Bachchani had no ownership of the plot on the date he signed the agreement to sell it. “CI motors director Rakesh Malik had struck a deal with Ramesh Bachchani of Malviya Nagar in Rs 2.11 crore for the plot in April 2019 but as Bachchani had no ownership, Bachchani could not execute the registry in favour of Rakesh Malik. MP Nagar police have registered a case of fraud.”

India Infoline Housing Finance Limited had sealed Bachchani house on February 25,2019. Bachchani owed Rs 3 crore to the finance company and following the non-payment of loan, the company had moved court.

Four months ago, the court had transferred the possession of the house to the finance company. Jahangirabad police had rescued a 24-year-old, son of Ramesh Bachchani, Malviya Nagar from his sealed house in Malviya Nagar.

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