Mishra, who is being prosecuted by the CBI and ED for conducting illicit transactions through fictitious banks accounts, paid Rs 23.26 crore for the property in 2007. However, real estate consultants say that the market value of the property - the bungalow and the large land around it - would be much higher, possibly 10 times higher than the declared value.
This is the biggest-ever attachment of property in terms of value under the Prevention of Money Laundering Act which allows for confiscation of assets allegedly acquired through proceeds of crime. The property was attached on August 30.
Given his relative humble job profile as the chief engineer of the UPSIDC, Mishra was an unlikely owner of such a large bungalow on Prithviraj Road - a stretch which houses top industrialists and diplomatic missions.
ED sources alleged that Mishra bought the property in the name of a Kolkata-based firm Ajanta Merchants Pvt Ltd in 2007, when he was looking after the development of Tronica City, an industrial and residential township stretching over 1,400 acres in Ghaziabad.
According to ED documents, Ajanta Merchants Pvt Ltd bought the bungalow from Ravinder Taneja and Atma Gyan Trust. The broker in the deal, Anil Vaid of Panchsheel Park, told ED that he had received a commission of Rs 21 lakh plus service tax from Ravinder Taneja for the deal.
The broker said he had been in touch with Mishra's staff since August 2006 when he wanted to buy a property in an exclusive address such as Golf Links, Aurangzeb Road, Prithviraj Road or Anand Niketan. He arranged a meeting of Mishra and Taneja at his office and Mishra had negotiated the deal.
ED sources said that Taneja, a leading Delhi-based builder, from whom the engineer had bought the property, is also under the scanner as the agency suspects that a large portion of the payment was in cash.
Apart from Mishra, those who assisted him in this property deal could attract the punitive provisions of PMLA. Section 3 of the Act says, "Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money laundering."
Mishra was raided by the CBI in early 2011 for illegal banking transactions he had allegedly carried out through fictitious names in Dehradun. The money was deposited in dozens of such banks accounts and later withdrawn and invested in his Kolkata-based companies which he had acquired.
ED believes the "proceeds of crime" was generated in the course of Tronica city land allotment during 2005 and 2007 when Mishra was the chief engineer in the UPSIDC. At that time, the Samajwadi Party was in power in UP.
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