Lands stamped ‘not for sale’ by CBI get clearance from TN officials

CHENNAI: Tamil Nadu Registration Department officials, including KV Srinivasan, the suspended additional IG of registration, are embroiled in a pan-India real estate investment fraud of Rs 49,000 crore approved by Pearls Agrotech Corporation Ltd (PACL) after the officers okayed registration of 33 land documents covering 609.22 acres situated in Tirunelveli, Tiruchy, Virudhunagar, Thoothukudi and Tenkasi, belonging to PACL.

The parent documents of the pieces of land seized by the CBI were stamped as “Not for Sale” by the Justice RM Lodha Committee and attached in the list of properties for auction.

DVAC sleuths have registered a case against Srinivasan and others under various IPC sections along with Prevention of Corruption Act.

Srinivasan had committed grave offences of criminal misconduct and other offences related to documents involving dubious transactions, in connivance with the Registration Department officials and other private individuals, the DVAC FIR stated.

The documents belong to PACL illegally registered in Madurai south on the order of Srinivasan and other parts of Tamil Nadu without the knowledge of the Justice Lodha committee. PACL, also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found to have collected thousands of crores of rupees through illegal collective investment schemes over 18 years. The Supreme Court had appointed a committee headed by the Former CJI Justice RM Lodha and was directed to sell the properties belonging to PACL and to utilise the sale proceeds to repay six crore investors.

Registered land violates Lodha panel order: DVAC

It is alleged that one N Ravichandran, a land grabber, colluded with Srinivasan and the official issued an order in 2019 to proceed with the registration of the pending document. The Additional IG sent this letter dated March 5, 2019, reasoning that when the document was presented in 2013, there was no stay on the registration of the said land.

This was in clear violation of the Lodha committee order, the DVAC said, noting that Srinivasan did not have the power to issue an order to register the document of a property that is already attached by the CBI and mentioned in the list of properties for auction for sale. A letter was sent by the Lodha Committee on August 30, 2016, regarding the list of 8,198 property documents and explained their nature.

The DVAC also noted that Srinivasan engaged an agent named Padmanabhan for his illegal activities. Though the FIR names some other senior officials, including those senior to him, the agency has not name them as accused or booked them.