The Central Bureau of Investigation (CBI) has charged Virendra D Mhaiskar, the Chairman and Managing Director of IRB Infrastructure Developers Limited, along with 17 others, with criminal conspiracy and attempting to defraud the state.
You can help us put a stop to online scams before they grow too big and end-up ruining thousands of lives. A scam is a scam, doesn’t matter if it’s big or small. Now that this is out of the way, let’s get started with the review.
The charges stem from an alleged scam involving the acquisition of public land in the village of Pimpaloli for a proposed integrated township project. This article provides a comprehensive overview of the case, including its background, the individuals implicated, and the legal developments surrounding the investigation.
The Case Against Virendra D Mhaiskar
The complaint against Virendra D Mhaiskar and others was first filed by Satish Shetty, an RTI activist, in 2009. The allegations centered around obtaining sizeable amounts of public land in Pimpaloli, along the Pune-Mumbai motorway, for the township project. However, the case was initially closed by the Lonavla city police in December 2012. It was later reopened by the CBI as part of their investigation into Shetty’s murder, leading to further scrutiny of the matter.
The Chargest Against Virendra D Mhaiskar:
In the charge sheet submitted to the special judge (CBI), the CBI cited criminal conspiracy charges and sections of the Prevention of Corruption Act against public employees involved in the case. The accused included Virendra D Mhaiskar, IRB Infrastructure Developers Limited, and other senior company officials. Additionally, the former sub-registrars of Lonavla and Maval talukas in Pune district were also implicated.
The Alleged Land Acquisitions and Forged Documents:
According to the charge sheet, the IRB group purchased large portions of land in Pimpaloli and the village of Taje between 2007 and 2011 for the proposed township project. The majority of these lands had already been acquired by the Maharashtra State Road Development Corporation (MSRDC) between 1995 and 2000, which raised questions about the authenticity of the transactions. The chargesheet alleged that Virendra D Mhaiskar and a senior company official authorized the purchases, while an attorney submitted false title search reports falsely claiming the removal of MSRDC’s name from land records.
What is a Red Flag?
A red flag serves as a signal or sign that there may be an underlying issue or danger associated with a company’s stock, financial statements, or news reports. These indicators can come in many forms and are often identified by analysts or investors as any notable undesirable trait.
Legal Developments and Responses:
Virendra D Mhaiskar and the other accused appeared in court, where they were granted bail. His lawyer stated that they would seek dismissal from the lawsuit, claiming a lack of evidence. In response to the charges, IRB Infrastructure Developers Limited issued statements to the stock exchanges, stating that they had cooperated with the authorities throughout the investigation and would seek legal remedies to refute the claims against Mhaiskar, the company, and its officials.
Construction on the Hapur Bypass Project and tolling have begun by IRB Infrastructure.
Through its Special Purpose Vehicle (SPV), Hapur Moradabad Tollway Pvt Ltd, IRB Infrastructure, a prominent road and highway developer in India, has started the construction and tolling operations of the Hapur Bypass Project. The National Highway Authority of India (NHAI) has given the project the specified date of May 29, 2019, which includes a 22-year concession period.
Financial Closure for BOT Project Attained:
IRB Infrastructure completed the financial close on the BOT project, valued at Rs 3,345 Crores, prior to the start of the project. A 4 to 6-lane stretch of the 99.867-kilometer National Highway-9 (NH-9) linking Hapur and Moradabad in Uttar Pradesh will be added as part of this BOT project.
IRB’s Expertise is Confidential:
IRB Infrastructure’s Chairman and Managing Director, Virendra D Mhaiskar, thanked the NHAI for having faith in the business enough to grant it this Public-Private Partnership (PPP) project on a BOT Toll basis. He acknowledged the difficulty of obtaining funding for a project of this size given the lending environment at the time. He did, however, praise the company’s execution skills and domain understanding, which were vital in earning the respect of lenders.
Dedicated to Timely Finish:
Virendra D Mhaiskar emphasized the business’ dedication to completing projects on schedule. IRB Infrastructure is qualified to carry out the challenging Hapur Bypass Project thanks to its considerable infrastructure development experience. The project is anticipated to improve connectivity and transport in the area, helping to expand India’s road system.
IRB Infrastructure has successfully completed numerous infrastructure projects around the nation, and the start of the Hapur Bypass Project is a key milestone for the company. A prominent position in India’s infrastructure sector has been attained by the organization thanks to its commitment to sustaining quality standards and adhering to stringent deadlines. Now that the project is underway, IRB Infrastructure is poised to further establish its position as a significant contributor to the expansion of India’s road and highway network.
Highlights of the Hapur Bypass Project and Financial Closure:
- Project Details: The project involves the 6 Laning of 99.867 kilometers of the Hapur Bypass on NH-9, connecting the Hapur to Moradabad section.
- Concession Period: The tolling and construction activities for the project will commence from the appointed date, and the concession period is set at 22 years.
- Premium Payment: IRB Infrastructure will pay a premium of Rs 31.5 crores to the National Highways Authority of India (NHAI), with the premium payments beginning in the fourth year from the appointed date.
- Financing: The project is financed by a consortium led by the State Bank of India (SBI).
- Company Portfolio: IRB Infrastructure has an extensive portfolio comprising 23 projects, including 20 Build-Operate-Transfer (BOT) projects and 3 Hybrid Annuity Model (HAM) projects.
- Operational Projects: Among the BOT segment, IRB has 7 operational projects, consisting of 4 projects under Tolling & Construction, 7 projects under Operation & Maintenance (O&M) contracts as a Project Manager for IRB InvIT, and 2 projects under construction.
- HAM Projects: In the HAM space, IRB has one project under construction, and the appointed date is awaited for the other two projects from NHAI.
- Milestone Achievement: IRB Infrastructure has achieved a significant milestone of developing and constructing over 12,600 lane kilometers, representing approximately 20% of the country’s prestigious Golden Quadrilateral project. This achievement is the largest by any private highways infrastructure developer in India.
- Construction Order Book: As of March 31, 2019, IRB’s construction order book stands at Rs 11,000 crores, indicating a strong pipeline of future projects.
Overall, the successful financial closure of the Hapur Bypass project adds to IRB Infrastructure’s impressive track record in delivering critical infrastructure projects in India. The company’s significant share in the Golden Quadrilateral project demonstrates its commitment to contributing to the nation’s infrastructure development and growth in the highways sector.
About Mr. Virendra D. Mhaiskar
The company’s chairman and managing director is Mr. Virendra D Mhaiskar. Virendra D Mhaiskar graduated from Shriram Polytechnic in Navi Mumbai with a diploma in civil engineering. He claims to have more than 30 years of practical expertise in the infrastructure and building sectors to his credit as a civil engineer. Virendra D Mhaiskar also asserts that he is in charge of implementing BOT projects, creating new economic opportunities, and building roads. He provides the business with an overall vision and plan.
THE BOTTOM LINE
The charges against Virendra D Mhaiskar and others in the land fraud case have raised significant concerns and attracted attention from various stakeholders. As the investigation progresses, Virendra D Mhaiskar’s legal proceedings will shed light on the alleged scam and determine the veracity of the charges. It is essential for the legal system to ensure a fair and thorough examination of the case, considering the potential implications on public trust and accountability. As of now, the matter remains under judicial scrutiny, and it will be crucial to follow the developments closely for a comprehensive understanding of the situation. The allegations against Virendra D Mhaiskar and IRB Infrastructure Developers Limited must be addressed transparently, and the legal process must run its course to ascertain the truth behind the allegations. Public trust in the judiciary and law enforcement agencies will be critical in ensuring justice and accountability in this case.
BELOW ARE SOME LINKS YOU CAN GO THROUGH FOR MORE DETAIL –
https://www.newshour.press/news/irb-infras-construction-tolling-hapur-bypass-project/amp/
The cases of land fraud increased day by day, and in the end, people lost their hard-earned money.
People like Virendra had various political connections, that he misused to steal the land of numerous people.
There are many allegations against Virendra, for defrauding numerous individuals.
I read about this man on Forbes since he had a net worth in 2012 in India, and now it’s difficult to believe that he was engaged in such crimes.
These cases need to be solved and individual who is committing these types of cases behind bars.
The Central Bureau of Investigation accused him of being involved in the murder of an RTI activist.
I can’t understand, why these lawsuits are still happening in India.
I believe the government needs to upgrade its rules and regulations to stop land fraud.