Bhopal (Madhya Pradesh): The Economic Offences Wing (EOW) has registered a case against three officials of a private housing finance company and proprietor of Faith Builders and Developers for alleged land fraud, here on Wednesday. Eight people including officials of the finance company allegedly sold off the mortgaged land of retired army personnel manipulating its cost.
EOW officials said that complainant Vinay Bhadoria and his wife Smita owned 16,000 square feet of land in Chuna Bhatti area. Since the couple wanted to start their business, they approached the finance company for a loan. The valuer Anish Pal assessed the land and valued it at Rs 6.8 crore in 2014.
Based on the assessment, the then assistant technical manager Abhinav Gite valued 14,156 square feet of land at cost of Rs 4300 per/square feet. The company gave a loan of Rs 3.2 crore to the couple after mortgaging the land. As the family was unable to repay the loan amount, the company in 2016 started their efforts to seize the land. Its officials valued the land at Rs 2850 per square ft and its market valuation came to Rs 4.3 crore. Valuer Pal under distressed selling quoted the land price at Rs 3.22 crore. Again in 2017, the land was assessed and its value was further brought down to Rs 2500 per square feet.
However, the valuer of Government of India quoted its value at Rs 6.77 crore. The finance company auctioned the land and the Faith Builder won the bid for Rs 2.75 crore. Raghvendra Tomar, the builder, got the registration of the land but on the registration papers the land price was valued at Rs 6.69 crore. Thus because of the alleged manipulation of the land cost, Bhadorias faced a loss of Rs 4.1 crore. They thereafter approached the EOW with the complaint
