{"id":1893,"date":"2010-09-10T17:02:31","date_gmt":"2010-09-10T11:32:31","guid":{"rendered":"http:\/\/greenworldinvestor.com\/?p=1893"},"modified":"2010-09-10T17:02:31","modified_gmt":"2010-09-10T11:32:31","slug":"indias-corruption-infested-realty-sector-gets-raided-by-tax-department-in-another-futile-exercise","status":"publish","type":"post","link":"https:\/\/iiec-india.org\/greenworld\/2010\/09\/10\/indias-corruption-infested-realty-sector-gets-raided-by-tax-department-in-another-futile-exercise\/","title":{"rendered":"India's Corruption Infested Realty Sector gets Raided by Tax Department in another Futile Exercise"},"content":{"rendered":"

India’s Real Estate Sector is known for its corrupt and dubious practises.The Real Estate Companies manipulate their financial statements to such an extent <\/a>that even India’s “well connected” Fund Managers don’t trust them.This has been the cause for their poor performance in the stock markets and the stalling of 10-15 IPOs in the Realty Sector<\/a>.Even Investment Bankers in India who are quite adept at selling Junk Offerings like Aster Silicates<\/a>, Prakash Steelage, etc,are finding it tough to sell these Real Estate Companies.This by itself speaks a lot about the endemic corruption amongst these entities.Raids by Government Officials is not a new phenomenon for these companies.Recently Hirnandanis who are amongst the best known developers got caught in a Provident Fund Scam.Now comes the news of a massive raids on Real Estate Companies in India’s National Capital Region.450 Raids are being conducted on developers such as Paras and Amrapalli and huge cash stashes have been already been confiscated.These raids have a political angle to them as well as opposition businessmen are being targeted.<\/p>\n

The Developers as usual are being brazen about it denying any wrongdoing despite tons of cash and incriminating documents being found.These Raids never result in convictions or prison terms and in India are generally politically motivated.Most of the Government officials are a part of the gravy train and would not touch connected Real Estate Developers without a push from their political masters.Expect these Developers to start their business as usual in a couple of months as India’s Political and Business Elite toys with the country’s laws<\/a> with impunity.<\/p>\n

IT raids on Paras Buildtech yield Rs. 22.3 cr in cash – NDTV<\/a><\/h4>\n

The income tax (IT) department has seized Rs. 22.3 crores from an associate of real estate company Paras in a major crackdown today. This is the largest unaccounted cash haul in Delhi.The IT department conducted nation-wide searches on more than 70 premises of major real estate developers in the NCR including Paras and Amrapali group over alleged tax evasion.<\/p>\n

The department also took the help of its various offices located at Agra, Bulandshahar and some places in Haryana to conduct these searches which are expected to continue till tomorrow.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The Developers as usual are being brazen about it denying any wrongdoing despite tons of cash and incriminating documents being found.These Raids never result in convictions or prison terms and in India are generally politically motivated.Most of the Government officials are a part of the gravy train and would not touch connected Real Estate Developers without a push from their political masters.Expect these Developers to start their business as usual in a couple of months as India’s Political and Business Elite toys with the country’s laws with impunity.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","content-type":"","footnotes":""},"categories":[39],"tags":[1247,2243,3391,4253,5436],"class_list":["post-1893","post","type-post","status-publish","format-standard","hentry","category-real-estate-and-construction","tag-corruption","tag-government","tag-legal","tag-real-estate","tag-tax-evasion"],"_links":{"self":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/1893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/comments?post=1893"}],"version-history":[{"count":0,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/1893\/revisions"}],"wp:attachment":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/media?parent=1893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/categories?post=1893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/tags?post=1893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}