The Society has allegedly collected up to Rs 200 crore from people by promising more than 150 per cent return on investment before defaulting on payments in 2005. Shastry was subsequently arrested.
The government had planned to auction 36 sites formed in 2 acre 21 gunta in Marutinagar and Yelahanka, on Thursday. Out of this 34 sites were successfully auctioned at a government fixed guidance value of Rs 500 per square feet. This fetched the government a total of Rs 7.32 crore as against the expected Rs 18 crore revenue. One of the highest bids received during the auction was Rs 26 lakh for one site.
Published 22 July 2010, 18:57 IST