Congress leader Erappa Lamani had filed a private complaint on November 8 alleging irregularities in allotment of land to an education society run by the family members of Olekar.
The Court ordered the Lokayukta Superintendent of Police, Davangere, to investigate the matter and submit a report by December 20.
Others named
The complaint also names Manjunath Olekar and Lakshmi Olekar, the son and daughter of Nehru Olekar; K B Veerapur and Girish Tuppad - commissioner and chairperson of Haveri Urban Development Authority as accused.
Nehru Olekar is also the chairperson of Karnataka State Commission for Scheduled Castes and Scheduled Tribes.
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