Bhopal (Madhya Pradesh): Many skeletons may tumble out of the closet after EOW lodging cases in connection with Sahara land deal.
The investors as well as the government have incurred a heavy loss because of it.
The cases lodged by EOW in Bhopal, Katni and Jabalpur, indicate that the government has incurred a loss of Rs 300 crore.
In these three cities, 310 acres were sold for Rs 90 crore, but the market rate of the land was reportedly Rs 900 crore.
Had the land been sold at proper rates, the Income-Tax Department would have got Rs 200 crore, and the Registration Department Rs 100 crore in the form stamp duty. It also came to light that Sahara Company showed the rate of 110 acres as Rs 125 crore in the Supreme Court in 2014, but that, too, was sold to Sinap Real Estate Private Limited for Rs 48 crore.
SEBI may act against Sahara in this case. Along with taking action on the sale of these three plots of land, EOW may probe other lands of Sahara, which have been sold in the state.
Besides Sahara Company, those who have purchased land and several officers who have not checked the documents at the time of doing the deals may face the music.
Political uproar after EOW lodges cases
After some documents related to Sahara land deals were found during I-T raids on the residential premises of Rajesh Sharma and lodging of cases by EOW after a complaint, there has been a political upheaval in the state.
According to sources, the steps are taken after receiving green signal from the Central Government.
The names of the companies owned by a legislator of the ruling party Sanjay Pathak have come to the fore in regard to the land purchase. The probe agencies may crack down on Pathak and some people associated with him.
