VIJAYAWADA: The city police on Thursday busted a fake Transfer of Development Rights (TDR) bond racket relating to the town planning wing of Vijayawada Municipal Corporation (VMC).
A gang of six, including a VMC employee who sold fake TDR bonds for Rs 59 lakh, was arrested. However, prime accused Suresh, a builder, who created the fake documents, is absconding.
Addressing a press conference here, DCP (Law and Order) P Pala Raju said that one Punuri Samuel Rajasekhar (45), working as an attender at City Planner Office in VMC, was the mastermind of the scam. Samuel prepared two sets of fake TDR bonds in 2013-14 to make quick money. The TDR bonds belong to Dhanekula Nagendra Babu who got them as a compensation for his land acquired at Kaleswara Rao Road in the city.
Explaining the modus of operandi of the accused, the DCP said that Rajasekhar had given original TDR bonds to Suresh, who was a builder in the city. Suresh created two sets of fake TDR bonds by taking color xerox of the documents and another with forged signatures with the suppport of Vinnakota Ramesh, Bokka Anil, Suvarna Ratna Raju, Mamillapalli Venkata Rao and Singh Samuel.
After creating the fake TDR bonds, the gang sold them to Sandireddy Nagendra for ` 34 lakh and Jayanti Venkata Subramanyam for ` 25 lakh.
The scam came into light when Subramanyam approached the VMC to get plan approval for a building. However, the civic body officials rejected the plan stating that respective bonds submitted for the plan approval were fake.
Modus operandi
VMC attender Rajasekhar had given original TDR bonds to Suresh, a builder. Suresh created two sets of fake TDR bonds by taking color xerox of the documents and another with forged signatures with help of others. The gang sold them to Sandireddy Nagendra for J34 lakh and Jayanti Venkata Subramanyam for
J25 lakh