Hyderabad: Telangana High Court on Monday, December 30, asked the state’s top police authorities for their position on a petition accusing them of connivance and complacency in investigating a fraud allegedly committed by Verma Realtors.
Justice B Vijaysen Reddy granted the authorities time till Jan 20 to submit clear affidavits outlining the status of their investigation into the criminal case filed by 83-year-old Habib Alladin, a resident of Road No. 12, Banjara Hills.
Alladin approached the High Court, claiming that his Rs 400 crore property in Sanathnagar was fraudulently used to secure a Rs 90 crore loan from Exim Bank for Sujana Universal Industries Ltd.
Verma Realtors acted as the guarantor for the loan.
When they defaulted on repayment, Exim Bank sought to auction Alladin’s property instead of pursuing the personal assets of those who took out the loan.
No probe despite FIR: Petitioner
In his petition, the elderly man said that despite filing an FIR in February with the economic offences wing of the Hyderabad Central Crime Station, no investigation was carried out, and no chargesheet had been filed within the mandatory 90-day period following the FIR.
Sripada Prabhakar, senior counsel representing Alladin, explained that 26,000 square yards of property Sanathnagar put up for auction by Exim Bank was part of a 16-acre land leased to Hyderabad Allwyn Metal Works for 99 years starting in Jan 1961, with a monthly rent of 50 per acre for industrial purposes. Alladin, the son of the land’s original owner, holds a share in the property.
Prabhakar further argued that Voltas, represented by Prashant L Karkare, vice-president of business improvement group, unlawfully granted Verma Realtors Private Limited the right to mortgage the land.
This was despite the original lease deed not permitting such a right. In 2013, when Alladin approached the civil court over Verma Realtors’ actions, its director PV Ramana Reddy gave a written assurance that the company would not violate the lease terms.
However, shortly thereafter, Ramana Reddy mortgaged the land to help Sujana Universal Industries obtain the Rs 90 crore loan from Exim Bank, which granted the loan without conducting due diligence, Prabhakar said.
Verma Realtors defied court orders: Petitioner
Despite several restraint orders and injunctions from civil courts, the High Court, and even the Supreme Court, Verma Realtors defied them and continued to engage in illegal activities, he said.
He urged police to complete their investigation, at least now.
The case will be heard again on Jan 20.
The company is alleged to be a proxy for Sujana Holdings Ltd, founded by BJP Vijayawada West MLA Y Sujana Chowdary.
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