Tag: TDR scam

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ED Names Valmark Realty Director in TDR Scam Involving Bengaluru Officials

BENGALURU: The Enforcement Directorate (ED) has filed a prosecution complaint in connection to a Transferable Development Rights (TDR) scam involving the director of Valmark Realty Holdings Private Ltd (VRHPL) along with 19 other accused, including former employees of the Bruhat Bengaluru Mahanagara Palike (BBMP). The investigation, initiated based on an FIR lodged by the Anti-Corruption Bureau (ACB) in 2019, claims that VRHPL’s director, Ratan Lath, acquired development right certificates (DRCs) and unlawfully sold TDRs to various real estate companies and individuals, netting illicit profits of approximately ₹27.7 crore. According to a press release from the ED, TDR brokers K Suresh,…

Latest StoriesRegulatory

Probe Launched into TDR Scam on Deolali Reserved Land

NASHIK: On Thursday, Ram Shinde, chairman of the Maharashtra Legislative Council, ordered the civic and district administration to investigate a purported Transfer of Development Rights (TDR) scam concerning land acquisition for public amenities in Deolali, Nashik. He requested a report be submitted within 15 days. The directive followed a meeting with relevant officials after a complaint surfaced that the Nashik Municipal Corporation granted TDR certificates to a landowner at rates surpassing the government’s market value in return for land at Survey No. 295 in Deolali, which is earmarked for a garden, school, and an 18m DP Road. This meeting occurred…