<p>Bengaluru: The Enforcement Directorate (ED) on Friday launched simultaneous raids in nine locations, including the office of Valmark Realty Holdings Private Limited, in connection with a scam involving fraudulent issuance of Transferable Development Rights. </p><p>The premises searched included the places linked to the Director of Valmark, certain builders, brokers, and fake TDR applicants.</p><p>In a release, the central agency said that they initiated an investigation on the basis of an FIR registered by the Anti-Corruption Bureau, Bengaluru. </p><p>As per the chargesheet filed by ACB, the accused company, represented by its Director, Ratan Lath, after obtaining the DRCs, sold the transferred TDR to real estate companies and individuals, earning a total illegal gain of approximately Rs 27.68 crore, according to the ED.</p><p>“A set of brokers, including private persons/entities provoked the previous owners of certain properties, which were proposed to be acquired by BBMP for widening of road/other public purposes, to claim the TDRs,” the release said, adding that this was the modus operandi.</p>.ED raids result of Congress factionalism: Union Minister Pralhad Joshi.<p>“It is observed that TDR brokers and previous owners/wrong owners of the properties colluded with BBMP employees/revenue officers to get such TDR and cheated the government as well as the actual owners of the properties,” the release added.</p><p>The ED said that they also observed that the BBMP officials/revenue officials in collusion with the brokers inflated the area of the acquired land, included public roads, claimed the existence of extra floors and fake buildings, and also adopted the wrong rate for the calculation of the value of TDR.</p><p>During the search proceedings, the ED seized several incriminating documents pertaining to the TDR scam. ED uncovered evidence related to the involvement of certain developers and brokers/entities who effected the TDR scam in connivance with top BBMP officers/officials, resulting in substantial financial losses to the BBMP and the state government, the central agency. </p><p>“Incriminating evidence regarding a large-scale scam in TDR issued by BBMP from 2009 to 2015 and by BDA thereafter, at various other areas in Bengaluru and their linkages with other FIRs, have been seized and are being examined,” the ED said.</p>
<p>Bengaluru: The Enforcement Directorate (ED) on Friday launched simultaneous raids in nine locations, including the office of Valmark Realty Holdings Private Limited, in connection with a scam involving fraudulent issuance of Transferable Development Rights. </p><p>The premises searched included the places linked to the Director of Valmark, certain builders, brokers, and fake TDR applicants.</p><p>In a release, the central agency said that they initiated an investigation on the basis of an FIR registered by the Anti-Corruption Bureau, Bengaluru. </p><p>As per the chargesheet filed by ACB, the accused company, represented by its Director, Ratan Lath, after obtaining the DRCs, sold the transferred TDR to real estate companies and individuals, earning a total illegal gain of approximately Rs 27.68 crore, according to the ED.</p><p>“A set of brokers, including private persons/entities provoked the previous owners of certain properties, which were proposed to be acquired by BBMP for widening of road/other public purposes, to claim the TDRs,” the release said, adding that this was the modus operandi.</p>.ED raids result of Congress factionalism: Union Minister Pralhad Joshi.<p>“It is observed that TDR brokers and previous owners/wrong owners of the properties colluded with BBMP employees/revenue officers to get such TDR and cheated the government as well as the actual owners of the properties,” the release added.</p><p>The ED said that they also observed that the BBMP officials/revenue officials in collusion with the brokers inflated the area of the acquired land, included public roads, claimed the existence of extra floors and fake buildings, and also adopted the wrong rate for the calculation of the value of TDR.</p><p>During the search proceedings, the ED seized several incriminating documents pertaining to the TDR scam. ED uncovered evidence related to the involvement of certain developers and brokers/entities who effected the TDR scam in connivance with top BBMP officers/officials, resulting in substantial financial losses to the BBMP and the state government, the central agency. </p><p>“Incriminating evidence regarding a large-scale scam in TDR issued by BBMP from 2009 to 2015 and by BDA thereafter, at various other areas in Bengaluru and their linkages with other FIRs, have been seized and are being examined,” the ED said.</p>
