Real estate players to have more checks by ED
Special director of the Enforcement Directorate Balesh Kumar said, the real estate sector in India has the maximum scope for money laundering activities and there should be some sort of regulatory mechanism to keep a check on such activities, recently.
Kumar said during a workshop on money laundering hosted by BRICS Chamber of Commerce & Industry. “…real estate dealers and brokers should have some sort of regulatory mechanism. We do feel that this sector needs some kind of in- house regulation. Our estimate is that the maximum scope for money laundering in India is through the real estate sector. ”
He said two major parties involved in the 2G scam namely D B Realty and Unitech were also real estate firms. Kumar said, as for the banking sector, there is the Reserve Bank and even lawyers have a voluntary bar council mechanism, there is no such mechanism in the real estate sector.
Source: Financial Express
Balesh Kumar, BRICS Chamber of Commerce & Industry, D B Realty and Unitech, Enforcement Directorate, India, Real estate players
