HUDCO Place Scam Led Andrews Ganj Project Account to Negative
The HUDCO Land Scam is meant to expose a case of greed that has lasted for generations across India. In this situation, as with most scams throughout India, greed drives them, not for the betterment of society.
As an example, like the Harshad Mehta Scam 1992, which was exposed much the same way HUDCO Scam will be exposed. So, if the media wishes or proposes to investigate the Congress Government, all scams will be revealed to the public.
In a Special Forbes India Magazine, the journalist explains the call center scam: Shaggy Thakkar’s case ‘driven by greed, not need. Or perhaps, Pravin Palande State-run Hudco is considered in the sweet spot focused on financing the Government.
The HUDCO Land Scam Series is focused on MS Shoes, whose investment money continues to be retained by HUDCO from Andrews Ganj Land ownership. The initial financing allowed HUDCO to grow from the earnings, which involved substantial amounts of interest at a compounded rate belonging to MS Shoes; Pavan Sachdeva. Only this scandal duped many individuals and companies, like Leela Hotels.
After several battles in court, Leela Hotels received all the monies paid with the contractual rate of interest to the date of award and further interest on the amount calculated. Thanks to the exposure of HUDCO’s Andrew Ganj land Scam. The one company that continues to suffer is MS Shoes. HUDCO, along with the Congress Ministry, succeeded in the fraud to date.
As the case progresses, HUDCO concealed material facts that the buildings constructed by HUDCO were without any local body’s sanctions. HUDCO was unsuccessful in auctioning the properties at Andrews Ganj land for several years, after which the Government decided not to disclose the illegal buildings.
HUDCO and Government worked hand in hand, developing a strong bond to cheat MS Shoes of Rs. 68.68 crores (add USD amount). In the battle with Leela Hotels, Andrews Ganj Land account (AGP) positive figures moved to negative numbers, resulting in HUDCO charging 17% interest initially to the Government, and later charging 10.75% compound monthly to the Government.
In this case, HUDCO and the Government were aware they were earning compound interest on the money from MS Shoes. But due to regulations, the maximum MS Shoes can claim is the simple interest of 16.48%. So, how is this not a Scam?
When Mr. V. Suresh, Chairman-cum-Managing Director of HUDCO, was caught and forced to retire until he continued to grease the palms of ministry officials including the minister, but he succeeded in defrauding MS Shoes, leading to a Scandal. It left Pavan Sachdeva fighting to realize the same justice given to Leela Hotels.