Realty Scam in Wagholi: Vision Valley Developers Duped 31 Buyers of Rs 5.7 Crore Despite Supreme Court Ban on Sale and Purchase of Property
Pune :
In a shocking case of land fraud, 31 people were allegedly cheated of a total of Rs 5.70 crore after purchasing plots in Wagholi, despite a Supreme Court ban on the sale of the land. The fraud was orchestrated by partners of Vision Valley Developers in collusion with the landowner, blatantly violating restrictions imposed by the Lodha Committee report. The Wagholi police have registered a case against the accused in this case.
The fraud came to light when Atul Krishnarao Bakane (42), a resident of Wagholi, lodged a complaint at the Wagholi police station. Accordingly, the police have booked landowner Ramesh Kondiba Patil (a resident of Raj Towers, Santosh Nagar, Katraj), Vision Valley Developer, partner Shubham Dhanaji Jadhavrao (a resident of Wagholi), Sudhir Bharat Bhorde (a resident of Oxy Valley, Bakori Road, Wagholi), and real estate agent Prashant Goli (a resident of Oxy Primo, Bakori Phata, Wagholi).
What is PACL?
The case traces its roots to PACL (Pearls Agrotech Corporation Ltd), a chit fund company that duped around 83 lakh investors across India with false promises of high returns on investment in their chit fund. The company collected nearly Rs 60,000 crore from this fund and invested it in agriculture and real estate before failing to return depositors’ money.
After that, the Supreme Court had appointed the Lodha Committee, which identified PACL-owned properties, including land in Wagholi, for potential recovery. On October 24, 2016, the court banned the sale and purchase of these lands to protect investors’ interests. However, this did not stop Vision Valley Developers from illegally selling plots in the area.
According to police, Vision Valley Developers began advertising plots for sale in Wagholi in December 2021. The complainant, Atul Bakane, approached real estate agent Prashant Goli, who provided him with documents related to the land in this regard. He later met Vision Valley’s partners, Sudhir Bhorde and Shubham Jadhavrao, at their office, where he was shown a search report by them.
Convinced of the deal’s legitimacy, Bakane decided to purchase plots 23 and 24 in Group No. 405, paying Rs 26 lakh at a rate of Rs 13 lakh per guntha. This purchase deed was executed at the sub-registrar’s office.
The scam unfolded when Bakane sought registration of his purchase on the 7/12 extract (land record document). He was then informed that the land was under a Supreme Court-imposed ban as per the Lodha Committee report. When he confronted Sudhir Bhorde about it, the developer dismissed any connection with the Lodha Committee’s findings.
After that, Bakane met with other plot buyers at Madhuban Hotel, where Chandrakant Sanglikar assured him that he was acquainted with the landowner Ramesh Kondiba Patil, and would get the paperwork cleared. He also claimed that an NOC (No Objection Certificate) for the land had been issued in 2018 but had not been updated by the Haveli Sub-Divisional Office.
Despite repeated promises from Sanglikar, the land’s legal status remained unchanged. The buyers soon discovered they had been tricked into purchasing restricted land. The fraud resulted in 31 buyers being collectively duped of Rs 5.70 crore. Acting on Bakane’s complaint, the Wagholi police have registered an FIR against Vision Valley’s developers, the landowner, and the agent. The case has now been transferred to the Economic Offences Wing, where Police Inspector Shubhada Sankhe is leading the investigation.
