Cobrapost sting operation report says-widespread of black money in property deal across India
The sting operation proves the uncontrollable use of black money across India in real estate sector.
The property developers across India agreed to the use of black money in property transactions and also accept it as kind of norm for real estate industry.
The report says
An investigation made by the portal Cobrapost reveals the truth behind the real estate industry. The investigation is named as OPERATION BLACK NINJA. As the Indian government is in hurry to get back the unaccounted money, the portal Cobrapost conducted a sting operation among the real estate industry in 9 states of India.
The operation reveals that over 35 real estate companies of India have accepted the utilization of black money in property deals. They said that they are ready to take the black money from their client for buying the property and then convert them into legal amount. They are ready to accept 10- 80% of illegal money from their clients and convert them into white during bulk property transaction.
This kind of property deal is found in main states of India. These realtors are spread over various states such as Haryana, Uttar Pradesh, Andhra Pradesh, Karnataka, Mumbai, Rajasthan, Wet Bengal, Maharashtra and even the national capital New Delhi. When portal people have a direct contact with those executives, some had refused to accept and some other said that they took action already on the person who involved this illegal activity.
Footage shows the truth
Some time the executive or even the CEO and CMD of these companies can accept the black money abroad via hawala channels and includes Dubai, Singapore, Bangkok and the US. The portal also released video clippings which are recorded with spy cameras and be evidence for the exchange of black money. The clippings showed conversation with the senior executives of those companies with a person posturing as representative of politician who is ready to do these kinds of transactions in safer mode by large cash deals
By these video tapes and transcription, 2 CMDs, 10 MD, 15 directors and many other executives are allegedly trapped in the tape and give their acceptance of using black money and make turnover in crore.
Article source: Financial Express
black money in property, black money in property deal across India, OPERATION BLACK NINJA, Property deal, Real Estate Sector
