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India: Black money became a reality in realty sector

Posted on 08 November 2010

From Indiatimes.com: The nexus between politicians and builders in Mumbai’s lucrative property market has been known about for decades. But more recently, politicians themselves have become builders and now operate through real estate companies. Their modus operandi is not particularly complex.
“Politicians send their ill-gotten wealth abroad through the hawala route. It then comes back again from front companies floated in Dubai and Mauritius , which then is pumped into such real estate firms in the form of foreign direct investment,” says a knowledgeable source within the property market……………………………………….Full Article: Source


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