Thursday, December 03, 2009

Dubai links with Indian real estate developers are closer then they appear

It appears that some Indian real estate developers are funded by black money from India which is illegally taken out of India through hawala channels and then subsequently bought back into the country thru legal FDI investments.
This process of whitewashing leaves no stains and by that virtue seems to be the model method of black money conversion. If Koda as the enforecment directorate claims funnelled 700 crores back, how many smaller transactions are waiting to be uncovered, only if the ED has time and funds to investigate. India is plagued by a gazillion scams and this one is just beginning to unfold. Its no surprise that Dubai which houses the infamous Don is at the epicenter of this investigation.
Pioneer reports
Koda routed loot through Emaar
Ex-CM diverted money for tribal welfare to Dubai real estate giant The money that was supposed to be used for the welfare of tribals of Jharkhand has been ‘diverted’ to the Commonwealth Games projects by former State Chief Minister Madhu Koda. The investigating agencies finally got a lead on the hawala transactions made by Koda, currently under arrest for scam of over Rs 4,000 crore.Koda aides are alleged to have siphoned huge money from the State coffers to Dubai, which has been channeled back ironically to propel a major Commonwealth Games project — the Games Village — through the Dubai-based real estate developer Emaar MGF, which started operations in India just about four years ago and has become one of the ‘leading’ real estate developers.Well-placed sources in the Enforcement Directorate told The Pioneer that the directorate has clues about monetary transactions between Koda and Emaar MGF, which is building projects for the 2010 Games also besides several other investments. Emaar MGF is developing the residential complex for the participants of the Games on the banks of Yamuna. After a protracted and not-free-from-controversy tendering process, the Delhi Development Authority (DDA) awarded the project of Games Villages behind the Akshardham Temple to the Emaar MGF last year. The ED on Thursday raided the offices of Emaar MGF and homes of several board members in and around Delhi in connection with the multi-crore money laundering scam involving the former Jharkhand Chief Minister.

Tuesday, December 01, 2009

Builder of IT group housing project succumbs to bullet wounds

Cross posted from Ravi Karandeekars Blog.

Nikhil Rane (42), builder of Vanshaj InSignia at Baner - Sus, group housing project of IT professionals working in Hinjewadi, who was shot at by unidentified assailants in broad daylight at his office on Jungli Maharaj Road on November 23, passed away at 10.45 am on Monday at the Sancheti Hospital due to spinal shock complications.

Insignia group in Pune tried to form a group of IT pros to build their own housing complex. Unfortunately the builder who undertook their order, was shot at by unknown assailants a while back outside his Pune JM Road office.

While the primary motive seems to be a dispute in the purchase of land, it is indeed sad that crime, politics and the construction industry are so intertwined.