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Collector of Stamps imposes Penalty on Ostwal Builders for stamp duty theft

The Collector of Stamps, Thane district has issued notices to the promoter of Ostwal Builders and developers and fined him around Rs 50 lakhs as a penalty. Ostwal Builders allegedly purchased the land in 2015. However, he had paid the less Stamp Revenue fees by showing a lower value of the land. Of course, with the help of the official.  Collector has asked him to pay a penalty of two per cent per month with a stamp duty of Rs 50 lakh.

Kuldeep Umrao Singh Ostwal of Ostwal Builders has purchased a site in Mira Road. He purchased the Jhankar Company which then belonged to Rajendra Wadgama and his family. The transaction was done on May 16, 2015, under three different agreement forms. The land falls in the industrial zone of the municipal development plan.

While registering the three agreements at the Sub Registrar’s Office-7, a stamp duty of Rs 98 lakh 46 thousand 900 was paid. However, Satyakaam Foundation had lodged a detailed complaint with the Stamps Department regarding the transaction in the agreement and its actual market value. However, the Stamps Department ignored his complaint. “Then I approached the Inspector General of Stamp Registration as well as the Anti-Corruption Bureau and lodged my complaint there,” said Krishna Gupta, President, Satyakaam Foundation.

Complained to higher level

After that, IG of Stamps asked the Assistant Town Planner at Collector’s Office, Thane to report on it. According to the report submitted by Assistant Town Planner, the land’s lower value was considered as an assessment.

Therefore, through these three registered agreements, Kuldeep Ostwal had to pay stamp duty of Rs. 1 crore 95 lakh 47 thousand 700 while he had paid stamp duty of Rs. 98 lakh 46 thousand 900 only. “So, the Stamps Revenue of Rs 49 lakh 48 thousand 800 rupees were theft by him. Collector of Stamps Manoj Wabikar has issued a notice to Kuldeep Ostwal and asked him to pay Stamps Revenue with the penalty at the rate of 2% per month from May 2015 to date,” said Gupta.

According to the letter, Builders has paid stamp duty as per the residential complex rate. However, the site falls in an industrial zone according to the MBMC Development Plan. “This conspiracy of stamp theft has come to the notice of the Sub Registrar’s Office. This is a conspiracy to steal the stamp duty of the government in a planned manner,” alleges Gupta.

Krishna Gupta has demanded the investigated and criminal cases against the culprits. “However, the officers involved in the scam should suspend immediately,” demands President of Satyakaam Foundation.

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