The property worth Rs 49 crore in Nagpur- mostly land on Wardha Road in Wakeshwar has been attached by the Enforcement Directorate. According to realty experts the present value of this property is worth Rs. 500 crore in Nagpur, where Satyam had planned a mega IT project along with a club house at lake.
A special township too was planned before the scam surfaced and allegations were hurled at Maharashtra Airport Development Company (MADC) for allotting 330 acre land to Satyam at a throwaway price. Satyam and its sister concern Maytas had purchased land on Wardha Road from a prominent developer who purchased lands from farmers, consolidated the holding and then pass it on to Satyam and Maytas.
According to information available, the ED had attached the properties under the provisions of the Prevention of Money Laundering Act, 2002. As per these provisions the properties owned by Raju brothers can not be sold, mortgaged and no transaction could be carried out. Since Money Laundering Act was brought into force only in 2005, the ED had attached properties owned by Raju brothers purchased after 2005. ED had charged Raju brothers with purchasing these properties with the scam money.
According to information, the ED had properties shown as agricultural by the Rajus situated at Nagpur, Hyderabad, Chennai and Bangalore. Most of them are situated in prime commercial and industrial areas. The EDs attachment order, issued on August 18, states that the accused had purchased these properties with an amount of Rs 170 crore in the name of 80 companies they floated between 2005 and 2009. According to authorities, the present value will be around Rs 1,000 crore.
The ED’s Hyderabad zonal authorities had filed this attachment order which is considered as the biggest attachment order in the country so far. The ED officals will now file a formal complaint before the adjudicating authority which will be followed by a regular trial which may start within a month.
A special township too was planned before the scam surfaced and allegations were hurled at Maharashtra Airport Development Company (MADC) for allotting 330 acre land to Satyam at a throwaway price. Satyam and its sister concern Maytas had purchased land on Wardha Road from a prominent developer who purchased lands from farmers, consolidated the holding and then pass it on to Satyam and Maytas.
According to information available, the ED had attached the properties under the provisions of the Prevention of Money Laundering Act, 2002. As per these provisions the properties owned by Raju brothers can not be sold, mortgaged and no transaction could be carried out. Since Money Laundering Act was brought into force only in 2005, the ED had attached properties owned by Raju brothers purchased after 2005. ED had charged Raju brothers with purchasing these properties with the scam money.
According to information, the ED had properties shown as agricultural by the Rajus situated at Nagpur, Hyderabad, Chennai and Bangalore. Most of them are situated in prime commercial and industrial areas. The EDs attachment order, issued on August 18, states that the accused had purchased these properties with an amount of Rs 170 crore in the name of 80 companies they floated between 2005 and 2009. According to authorities, the present value will be around Rs 1,000 crore.
The ED’s Hyderabad zonal authorities had filed this attachment order which is considered as the biggest attachment order in the country so far. The ED officals will now file a formal complaint before the adjudicating authority which will be followed by a regular trial which may start within a month.
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