Hyderabad: Income tax department’s benami transactions (prohibition) unit has provisionally attached two prime properties in Gachibowli, worth Rs 2.4 crore, of roads and buildings engineer-in-chief Mohan Naik Jarupla, alleging that they were acquired in the name of his sister-in-law to conceal beneficial ownership.Mohan Naik was arrested by the Anti-Corruption Bureau (ACB) in a disproportionate assets case in June this year.The attached properties comprise the entire third and fourth floors of Sai Ganapati Apartments in Gachibowli. Registered on April 10, 2025, each floor was valued at Rs 1.2 crore. According to the proceedings, the I-T department has identified Mohan Naik’s sister-in-law as the benamidar and Mohan Naik as the beneficial owner. The properties cannot be transferred or disposed of pending adjudication under the benami transactions law.Sources said the attachment remains provisional, and the properties will be subject to adjudication under the law.According to findings recorded during the benami proceedings, both parties to the sale deeds admitted under oath that no sale consideration had actually changed hands, contradicting payment receipts mentioned in the registration documents.Investigators found that Mohan Naik’s sister-in-law, a senior checking inspector in the state govt drawing a gross monthly salary of Rs 1.1 lakh, was unable to explain who paid the Rs 16.4 lakh stamp duty for the two registrations.During ACB searches on June 9, she initially denied owning any property in Gachibowli. When confronted with the sale deeds, she reportedly stated that the properties had been registered in her name at Mohan Naik’s request and that he had paid the entire consideration amount.Subsequently, she offered varying explanations regarding the source of funds, including an alleged gift from her mother and a Rs 60 lakh loan advanced to the developer. According to investigators, no gift deed or documentary proof of the loan was produced.The proceedings further noted that she had never visited the properties, did not possess their keys or original title documents, and had not received any rental income. The properties were also not disclosed in her income tax returns, annual immovable property returns, or vigilance declarations.Rental income under scannerThe investigation also examined rental income of Rs 5 lakh per month generated from the properties. According to the material on record, Rs 1.20 lakh each was being paid to Mohan Naik’s two sons, while Rs 2.40 lakh was allegedly paid in cash to Mohan Naik.Investigators cited additional evidence suggesting his control over the properties, including a tenant who had saved his contact number under the name “Mohan Naik Garu Owner.”The developer, described in the proceedings as Mohan Naik’s classmate since 1990, reportedly provided differing versions regarding the funding arrangements, including claims of a Rs 60 lakh cash advance and contributions towards the project. The proceedings also refer to a development agreement-cum-general power of attorney executed in 2015.During raids at Mohan Naik’s residence, office and properties linked to relatives and associates, the ACB identified assets officially valued at Rs 17.94 crore, including agricultural lands, flats, villas, cash, gold and bank deposits. The ACB said the actual market value of the assets could be substantially higher.
