In its complaint to the DVAC and the CBI, the Arappor Iyakkam alleged that the defunct real estate company PACL had cheated investors of ₹46,000 crore through sale of 5,300 acres of land marked as ‘not for sale’ by a Supreme Court-appointed committee
In its complaint to the DVAC and the CBI, the Arappor Iyakkam alleged that the defunct real estate company PACL had cheated investors of ₹46,000 crore through sale of 5,300 acres of land marked as ‘not for sale’ by a Supreme Court-appointed committee
In a complaint filed with the Directorate of Vigilance and Anti Corruption (DVAC) and the Central Bureau of Investigation (CBI), Arappor Iyakkam, a non-governmental organisation, has alleged a huge scam in the Registration Department pertaining to the unauthorised sale of land belonging to a defunct real estate company PACL, which had allegedly cheated investors of ₹46,000 crore.
Jayaram Venkatesan, convenor of Arappor Iyakkam, gave a detailed account of the modus operandi of the scam in a press meet held in the city on Friday.
Mr. Venkatesan said the real estate company having cheated hundreds of investors through the collective investment scheme had purchased large tracts of agricultural land in various parts of the State. However, the investors went to the Supreme Court and got an order as per which the Justice R.M. Lodha Committee was constituted to go into the cheating case.
The committee identified the land belonging to PACL in the State and collected all…