5 Multi-Crore Real Estate Scams in India

3) Karnataka Wakf Board Land Scam

Karnataka Wakf Board Land Scam is one among the named scandals in India. Karnataka Wakf Board Land Scam involved the alleged misappropriation of 200, 000 crore in Indian property funds and the scam is unearthed by Karnataka State Minorities Commission’s report that brought out in 2012.

Karnataka State Minorities Commission’s chairman, Anwar Manippady submitted a report to the Chief Minister of the state, D.V. Sadananda Gowda in March 2012, suspected that Karnataka Wakf Board controlled land of 27,000 acres has been misappropriated or allocated illicitly. Besides, the estimated value of the land is 2 lakh-crore.

The Muslim charitable trust, Karnataka Wakf Board, manages property that has originally been donated for the poor to utilize. But, the report alleged that the Wakf Board has permitted around 50 percent of its land to be misappropriated by board members and politicians in involvement with the real estate mafia for a fraction of its actual market value.