In yet another development in the multi-crore Lokshahir Annabhau Sathe Vikas Mahamandal (LASDC) scam case, the Maharashtra CID on Tuesday arrested well-known Mumbai-based builder Vyomesh Shah, MD of the real estate group Hubtown.
Mr Shah has been the MD of the company, formerly known as Ackruti City Limited, since December 1996. The real estate firm specialised in slum redevelopment. He has also served as the president of the influential builders’ body, the Maharashtra Chamber of Housing Industry. According to police sources, Mr Shah was picked up from his Mumbai residence on Monday. He was arrested with three other employees.
Investigating authorities said more than Rs 100 crore of the LASDC’s funds was diverted to the bank accounts of Hubtown and its sister company Comran Realty. In August last year, the Pune police nabbed tainted NCP legislator Ramesh Kadam from a plush hotel in connection with the scam. Mr Kadam has been accused of siphoning off Rs 125 crore to Rs 200 crore, when he was serving as the chairman of the State-run LASDC.
