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Megacity to be investigated for fraud

MEGACITY DEVELOPERS and Builders Limited has executed sale deeds in respect of 76 sites during the period April 29 2009 to 16th July, 2009 - carved out of survey numbers 14, 19 and 21 – (10 acres, 21 guntas) in Krishnarajapura village, Kengeri Hobli, Bangalore South Taluk for which Megacity has not obtained the necessary approval from the BMICAPA – which is the approving authority. In this way, Megacity is continuing to defraud the members of Vajragiri Township by registering sites for which it has not obtained necessary approvals though it had promised during 1995-96, that it would give sites in a world-class township which has all statutory approval.

In a reply for information sought under RTI Act, BMICAPA clearly clarified that these survey numbers come under its purview and approval from the authority is absolutely required .

Megacity had collected about Rs68 crores from 10,000 members of Vajragiri Township Scheme during 1995-2000, promising sites in a world class township on the Bangalore–Mysore Road near Bidadi. To date, it has executed sales deeds only to the extent of less than 750 cases. Most of the sites registered have only temporary approval from the BMICAPA and none of the sites have the final approval from the BMICAPA, which is the approving authority.

The ministry of corporate affairs had ordered for a Serious Fraud Investigation and the CoD, Karnataka is also investigating this fraud. Income Tax authorities recently conducted raids on the premises of the managing director and a three-time MLA of Channapatna assembly, his associate companies and his relatives.


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