HYDERABAD: Eight persons have been arrested for conning the State government by selling their land purchased through fake sale deeds to the latter during land acquisition Pharma city on city outskirts. The accused managed to get a compensation of `1.12 crore from government for nine acre land in Medipally village in Yacharam.
The land actually belonged to K Satyanarayana. His close acquaintance, a businessman named M Laxmi Kanthaiah, along with his father-in-law and brother-in-law, prepared fake sale deeds for the land and sold it to one Islavath Srinu and Nenavath Narasimha. Though the market value of the land was Rs 12 lakh per acre, the duo paid Rs 5 lakh per acre.
The duo later handed over the same land to the State during land acquisition for Pharma city at Medipally and got a compensation of `1.12 crore. With the money, Srinu bought two plots and Narsimha purchased agricultural lands and also spent on clearing debts, and commission to the mediators etc.
Rachakonda Police on Friday busted this fake sale deed racket and arrested the duo, the three sellers and three others who helped them.
Commissioner Mahesh Bhagwat said all the properties purchased using the compensation amount and the documents have been seized. According to commissioner, the original landowner K Satyanarayana lives in East Godavari and accused Kanthaiah has been managing the former’s financial matters here.