Largest Realty Scam Unearthed in Telangana

Hyderabad: A huge corporate scam has come to limelight in Hyderabad. It is related to the transfer of Rs 200 crore worth shares by the Hyderabad based Heera Multi Ventures Private Limited management to its 10 family members without following the procedure  laid down in the Companies Act.  It has increased its shares from 15 percent to 85 percent. 

The investors approached the National Company Law Tribunal (NCLT). Ruling that they had played fraud in transfer of shares, the National Company Law Tribunal (NCLT) has ordered the city-based Hira Multi Construction Ventures Pvt Ltd (HMCL) to rectify the records suitably.

Earlier, the Enforcement Directorate (ED) had launched an investigation into the allegations of money laundering by Habib Abdul Razzaq Hadi Ali Baghdadi, who owns HMCL. A case was underway in NCLT against HMCL, which the petitioners alleged, got 118 acres of land registered in its name from another company, Greenspace Mega Resorts, without paying sale consideration.

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