Property of ₹150 cr in Jubilee Hills seized in benami transactions case | Hyderabad News
Hyderabad: The benami prohibition unit (BPU) in Hyderabad has issued provisional attachment orders for a property worth around ₹150 crore in Jubilee Hills. The land, located adjacent to the Jubilee Hills Housing Society, was found to be held by a benamidar, Mahadev Rathi, while the actual owner was identified as businessman Shiv Shankar Taparia.
The property was registered in Rathi’s name in 2017 through two sale deeds of ₹4 crore each, bringing the total sale consideration to ₹8 crore. However, the BPU has estimated the property’s current market value to be ₹150 crore.
Rathi, the benami holder, is registered in Hyderabad but originally hails from Odisha. He works at a textile firm and does not appear to have a known income source that would justify such a significant property purchase. Following an investigation, the BPU traced the original ownership back to Taparia. The provisional attachment order was issued under section 24(3) of the Prohibition of Benami Property Transactions Act, 1988, which allows authorities to seize properties if there is reason to believe they may be sold or transferred.
Issued as a public notice on Jan 7, 2025, the order stipulates that the property will remain attached for four months from the issue date. During this period, it cannot be sold, transferred, or otherwise disposed of without explicit permission.
In addition, the BPU has instructe the stamps and registration department of Telangana to prevent any ownership transfers. The attached property spans 4,000 square yards at survey Nos. 105 and 106 in Jubilee Hills, Shaikpet mandal, as outlined in the provisional attachment order.
In a letter to the Golconda sub-registrar office, the income tax department’s BPU confirmed that these properties have been identified as benami and will remain attached until adjudication under the PBPT Act. The letter also requested that the properties be added to the prohibited list to prevent any sale, transfer, or encumbrance while proceedings are ongoing.
According to records from the ministry of corporate affairs, Taparia serves as the director of two paper mill companies, Tirupati Kagads Private Limited and Harishankar Paper Products Private Ltd.
The property was registered in Rathi’s name in 2017 through two sale deeds of ₹4 crore each, bringing the total sale consideration to ₹8 crore. However, the BPU has estimated the property’s current market value to be ₹150 crore.
Rathi, the benami holder, is registered in Hyderabad but originally hails from Odisha. He works at a textile firm and does not appear to have a known income source that would justify such a significant property purchase. Following an investigation, the BPU traced the original ownership back to Taparia. The provisional attachment order was issued under section 24(3) of the Prohibition of Benami Property Transactions Act, 1988, which allows authorities to seize properties if there is reason to believe they may be sold or transferred.
Issued as a public notice on Jan 7, 2025, the order stipulates that the property will remain attached for four months from the issue date. During this period, it cannot be sold, transferred, or otherwise disposed of without explicit permission.
In addition, the BPU has instructe the stamps and registration department of Telangana to prevent any ownership transfers. The attached property spans 4,000 square yards at survey Nos. 105 and 106 in Jubilee Hills, Shaikpet mandal, as outlined in the provisional attachment order.
In a letter to the Golconda sub-registrar office, the income tax department’s BPU confirmed that these properties have been identified as benami and will remain attached until adjudication under the PBPT Act. The letter also requested that the properties be added to the prohibited list to prevent any sale, transfer, or encumbrance while proceedings are ongoing.
According to records from the ministry of corporate affairs, Taparia serves as the director of two paper mill companies, Tirupati Kagads Private Limited and Harishankar Paper Products Private Ltd.
