Pune: City-based right to information (RTI) activist Vijay Kumbhar has alleged that Temple Rose Real Estate Pvt. Ltd. (TRREPL), a firm that allegedly duped investors from Mumbai and Pune through a ponzi scheme, was also operating a fake ‘plotting project’ in Purandar Taluk.
The activist said, “As per its supposed modus operandi, the TRREPL floated an associate company named the Temple Rose Livestock Farming Pvt. Ltd. (TRLFPL) and purchased around 176 hectares of land [in survey number 890] in the Taluk’s Pingori village through this ancillary company. The directors of both firms are the same.”
Mr. Kumbhar said the TRLFPL had sold the land last year to certain parties for agricultural purposes. However, the parent company was illegally selling the same land by advertising a satellite township named ‘Rose City’, comprising luxury Thai and Spanish villas.
He said that around 5,294 investors have purchased these plots, which are between 2,000 sq ft to 15,000 sq ft in size. “While TRREPL has uploaded the names of the purchasers, there is no evidence of any registered sale with the Department of Registration,” Mr. Kumbhar said.
According to him, the village is surrounded by hills on three sides, “and it is well-known that the land cannot be developed as a township and has little or no industrial purpose. In fact, Purandar is known for its acute water-shortage, which renders plans for a township or residential area virtually unfeasible.”
Last week, the economic offences wing (EOW) had booked a case against five people in connection with the alleged ponzi scheme, including TRREPL’s promoter Devidas Sajnani, his wife Vanita, and daughter Deepa.
The firm’s offices in Mumbai and Pune were raided as well. Authorities have estimated the scam to over Rs. 400 crore, involving nearly 12,000 investors.
According to police, the TRREPL has been functioning since 2007 and besides Pune, the firm has also purchased plots in areas in Raigarh Taluk and Solapur district.
