NRI told to repay site price at current guidance value

NRI told to repay site price at current guidance value

The High Court on Monday directed Joseph Chacko, who is accused of duping NRIs of over Rs 500 crore by promising them sites in Bengaluru, to return the amount at the present guidance value.

The NRIs had expressed uncertainty over alternative sites as they were not sure they would be allotted sites which had proper approvals. They sought directions for repayment of their amount in keeping with the present market value of the sites. Justice AV Chandrashekhara passed the orders pertaining to 52 NRIs and adjourned the next hearing to Wednesday.

Joseph Chacko, an NRI, had duped hundreds of NRIs settled in West Asia, promising them residential sites. He sold them many sites under bogus khathas since 1994. Chacko is said to have swindled Rs 500 crore by selling sites in more than 25 layouts in and around KR Puram. He had taken a general power of attorney from land owners and formed illegal layouts in greenbelt areas without taking any statutory permission. Sale deeds were issued under bogus house list khatha numbers. He formed layouts in Sy No 59 of Kyalasanhahalli  forming Elysium Township and in Sy No 14 of Doddagubbi and Sy No 9 of Bilishivalle to form Athina Township.

The NRIs later learnt that the layouts were not approved by the government and Chacko had conned them. There have been more than 200 complaints against Chacko in various police stations in the city and the CID chargesheeted him in about 85 cases.

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