Real Estate is the most Corrupt Sector in India regularly making news for scams and scandals.Most Real Estate Companies in India are under scrutiny for Tax Evasion,Contract Infringements,Siphoning of Pension Money,Consumer Harassment etc.However the game continues on without any conviction or prosecution.Politicians,Judges,Generals and Bureaucrats have all got a hand in this Real Estate Muck which was starkly brought out in the Adarsh Housing Scam.The Sector is riddled with inefficiency,ad-hocness,byzantine regulations which makes it an ideal hunting ground for corruption.
IREO,a new Real Estate Company which is making waves in India’s National Capital Region (NCR) with glitzy projects has now come under the tax scanner for illegal fund inflows from tax havens of Mauritius and Cyprus.It is alleged that black money from India has been roundtripped through these tax havens in the guise of Private Equity Money.It is an open secret that Black Money from India finds its way back to India through tax havens in the form of foreign investment when it just a roughtripping of domestic money.The figure quoted is around $1.5 billion of illegal money pouring into 26 companies associated with IREO.The company came into focus during the Commonwealth Scam and is linked to an Opposition Party leader.As usual their are denials,media circus and the whole thing will end as it does all the time with Nothing Happening.
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