ViniVinc Shastry's Yelahanka, Hoskote properties attached
Forty-nine sites measuring 64,245.25 square feet near Yelahanka, and 39 acres in Hoskote taluk where a township is proposed. The government attached these properties worth several hundred crores, belonging to ViniVinc Group head Srinivas Shastry, on Monday. In a multi-crore scam, Shastry, through the company, had hoodwinked around 2,000 investors of nearly Rs 203 crore.
The follow-up action to get money out of the property was also quick. The deputy commissioner, Bangalore district, has appointed a liquidator, who has already fixed dates for public auction of the sites near Yelahanka. They will go under the hammer from Wednesday and the money will be distributed among investors.
Shastry was arrested by the Corps of Detectives (CoD) in Vishakapatnam in 2005, and the Supreme Court recently granted him a two-month bail based on the assurance that he would return money to all depositors within the specified period.
Monday's attachment of properties, under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, is the biggest since Shastry was nabbed. "The reason for the attached properties being worth several hundred crores is that the 49 sites in Yelahanka and 39 acres in Ekarajapura in Hoskote are fully converted," sources said. However, the exact price has not been estimated.
While other property had been attached earlier, a sessions court, on November 2, had taken serious objection to the Yelahanka and Hoskote properties being left out. The court had observed that the Act provided for an overriding effect in respect of properties held by fraudulent financial institutions falling under it purview.
THE FRAUD
* The CoD, after completing investigation, had filed a chargesheet before the IV additional chief metropolitan magistrate against Shastry and 19 others
* Properties worth Rs 10.94 crore were attached earlier
* Investigation revealed cash transactions of over Rs 203 crore by Shastry, company vice-president G Lokesh and 18 others
* There were 20,184 investors, involved in transactions worth Rs 203,63,41,950
* Shastry had invested most of the money in the share market and lost it
SHASTRY'S GROUP OF COMPANIES
* ViniV-Inc
* ViniV-Inc Foundation
* VinV-Inc Ultra Super Market
* VinV-Inc Properties
* ViniV-Inc Business Solutions Pvt Ltd
* ViniV-Inc Education Trust
* ViniV-Inc Help Mart Pvt Ltd
* ViniV-Inc Times
* ViniV-Inc Matrimony
* ViniV-Inc News Net
* ViniV-Inc Souharda Credit Cooperative Society Ltd
* ViniV-Inc Insurance Solutions
Source:TOI
The follow-up action to get money out of the property was also quick. The deputy commissioner, Bangalore district, has appointed a liquidator, who has already fixed dates for public auction of the sites near Yelahanka. They will go under the hammer from Wednesday and the money will be distributed among investors.
Shastry was arrested by the Corps of Detectives (CoD) in Vishakapatnam in 2005, and the Supreme Court recently granted him a two-month bail based on the assurance that he would return money to all depositors within the specified period.
Monday's attachment of properties, under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, is the biggest since Shastry was nabbed. "The reason for the attached properties being worth several hundred crores is that the 49 sites in Yelahanka and 39 acres in Ekarajapura in Hoskote are fully converted," sources said. However, the exact price has not been estimated.
While other property had been attached earlier, a sessions court, on November 2, had taken serious objection to the Yelahanka and Hoskote properties being left out. The court had observed that the Act provided for an overriding effect in respect of properties held by fraudulent financial institutions falling under it purview.
THE FRAUD
* The CoD, after completing investigation, had filed a chargesheet before the IV additional chief metropolitan magistrate against Shastry and 19 others
* Properties worth Rs 10.94 crore were attached earlier
* Investigation revealed cash transactions of over Rs 203 crore by Shastry, company vice-president G Lokesh and 18 others
* There were 20,184 investors, involved in transactions worth Rs 203,63,41,950
* Shastry had invested most of the money in the share market and lost it
SHASTRY'S GROUP OF COMPANIES
* ViniV-Inc
* ViniV-Inc Foundation
* VinV-Inc Ultra Super Market
* VinV-Inc Properties
* ViniV-Inc Business Solutions Pvt Ltd
* ViniV-Inc Education Trust
* ViniV-Inc Help Mart Pvt Ltd
* ViniV-Inc Times
* ViniV-Inc Matrimony
* ViniV-Inc News Net
* ViniV-Inc Souharda Credit Cooperative Society Ltd
* ViniV-Inc Insurance Solutions
Source:TOI
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