Land purchased in name of employee

Facts of the case is as follows The assessee has purchased a land (2007) in tamil nadu in the name of his employee and now wishes to start a construction business using the same land. No returns have been filed by the employee and money is unaccounted. How shall the assessee proceed now. 1. Enter into joint venture with employee 2.register the land in his own name thereby paying land registration charges which runs down to around 5 lakhs. Please suggest anyother possible way so as to make this legitimate.