Madras High Court rejects bail for Pon Vasanth, husband of Madurai Mayor Indrani, in the ₹200-crore property tax scam case. The SIT probes software manipulation causing massive revenue loss; opposition parties demand transparency in the ongoing investigation.
TG RERA fines Jakkepalli Sri Lakshmi ₹6.17 lakh for promoting unregistered Aaditri's Empire project and fabricating receipts. Only ₹44.9 lakh of ₹1.2 Cr reached builder. Authorities order project completion and warn non-compliant entities.
The SC-appointed Lodha Committee flags illegal sales of 50 plots in Mohali's Sector 104 linked to the ₹48,000 crore Pearl Scam. Sold at one-third market value without proper registration, these transactions involve influential figures.
Enforcement Directorate arrests WTC Group promoter Ashish Bhalla over alleged fraud involving Rs 3,000 crore in Faridabad real estate projects, diverting funds to shell companies and foreign entities. Hundreds of investors duped through promised but undelivered plots in Sectors 111-114, indicating massive financial misuse. ED custody granted for interrogation.
The real estate industry in Mumbai is grappling with increasing cases of fraud and deception by developers, leading to significant financial losses for homebuyers and legal action.
The Enforcement Directorate (ED) is investigating Omkar Developers and Piramal Group for a Rs. 2,000 crore loan amidst money laundering allegations. Omkar promoters were arrested, and Sachin Joshi was implicated in laundering Rs. 87 crore.
New norms are drafted by the stamp duty and registration department to reduce the increasing property transaction frauds. Individuals authentication and birthmarks declaration are added.