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NRI Investments in Karnataka are ‘safe’: Capt. Ganesh Karnik

NRI Investments in Karnataka are ‘safe’: Capt. Ganesh Karnik

Mangalore Today News Network

Ganesh KarnikKuwait. August 10: All genuine investments made by NRIs in the state of Karanataka will be protected, a senior government official pledged here. It is in the interest of the state to ensure no one loses money in land and housing deals, said legislative member and Deputy Chairman of NRI Forum Karnataka, Captain Ganesh Karnik during his visit to Kuwait.

Mr Ganesh Karnik was here to meet investors who complained about an investment project headed by Mr. Joseph Chacko in and around Bangalore during 1995 - 2000 periods. Mr Chacko, a resident of Kuwait from 1995 began developing several residential layouts in Bangalore exclusively for NRIs in the Gulf, the UK, the US, South Africa and elsewhere. Later, it was reported Mr Chacko allegedly cheated NRIs in out of tune of millions in the last decade. It’s believed that more than 500 NRIs from Kuwait, mostly from the state of Kerala have invested their money in this project. Similarly many NRIs from other gulf countries also invested large amount in this project.

Many of the investors who paid the full amount to Chacko said that they didn’t receive the land registered in their name. “Few of us found that our plot is occupied and boundary wall laid by others”, said one of the investors in Kuwait. We also found out that the same plot was sold to many individuals. Many of the investors met Cap Ganesh Karnik during the last two days to discuss concerns about their investments. Some of the investors said that even though they paid the full amount, now Chacko is telling that the payment is not received.

Asked about his interest in this case, Capt Ganesh Karnik said that Govt. of Karnataka is quite clear on its policy of protecting the interest of NRI’s. Mr Karnik said that when some NRIs brought this case to his notice, he initiated CID investigation against Mr. Joseph Chacko. After investigation it’s found out that all the plots have been registered in the respective NRI’s names through registered sale deeds. He agreed that in a few cases, some third parties had taken possession of investors’ land by forging documents. Capt Karnik said the Karnataka government set up a fast track court to look in to this matter. This special court will take up this case and clear all of them either by arbitration or by legal and criminal proceedings.

Non Resident Indian Forum, Karnataka has been formed to forge a symbiotic relationship between Karnataka and its Diaspora. The Forum will provide information on socio-economic activities of Karnataka State and its development and also coordinate investment in the state across all potential sectors. All NRIs who got any interest with the state of Karnataka can register at Karnataka NRI Forum, said deputy Chairman of the forum with cabinet rank, Capt Ganesh Karnik.


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