1. Nirmal Lifestyle Directors Arrested
Real Estate: It is for this reason that mall business may not be as profitable as it used to be due to high gestations and high investments, maintenance costs, and low returns.
One of the biggest incidents was the arrest of two directors of Nirmal Lifestyle namely Dharmesh Jain and Rajiv Jain for not giving possession to 34 home buyers from 2011. Liggett’s arrest is associated with some outstanding issues, namely; bank loans, premiums, and current cases of insolvency.R
More than 1500 homebuyers are involved highlighting a system failure within the real estate firm. Some of the most of it’s assets such as Nirmal Lifestyle Mall have been taken over by Bank of Baroda due to the company’s inability to pay it’s loans. A total of 30 projects of the company is in the process of insolvency.
With the Real Estate Regulatory Act not yet in existence, the problems that can be seen in Nirmal Lifestyle’s delayed projects are systematic. The arrest is indicative of new emerging issues relating to embezzlement together with matters of governance in the real estate market affecting developers as well as those seeking to own homes.
2. Nusrat Jahan’s Flat Fraud
Trinamool Congress’s Basirhat MP and movies actress Nusrat Jahan has currently been interrogated for over six hours by the Enforcement Directorate (ED) in connection to flat selling fraud case against a real estate firm which she managed till 2017. The ED started the case on the basis of a complaint from BJP leader Shankudeb Panda against Jahan for cheating 429 people who invested Rs 5. 5 lakh each for the flat as per the promises that the clients of Rajarhaton were to be provided apartments. Jahan, who also dismissed the accusations, said she had retired in the year 2017.
The case entails accusations of cheating, betrayal of trust and criminal conduct. Jahan cooperated with the ED during her appearance in Kolkata ED troubled Jahan during her appearance at Kolkata.
3. Dharavi Redevelopment Project Controversy
In another political row, the president of Shiv Sena (UBT), Uddhav Thackeray opposed the Dharavi Redevelopment Project (DRP) and termed it as worlds largest Transfer of Development Rights (TDR) scandal. Thackeray accused the BJP of launching a no-confidence motion to form the government solely for that the DRP contract would go to the Adani Group
Some issues that Thackeray wanted to raise before the DRP are said to have preferred Adani, tax advantages and other reliefs granted to the conglomerate. The Sena leader demanded fair housing for the Dharavi residents and termed the project is a huge drain on the Mumbai, Maharashtra exchequer.
4. Money laundering problems faced by Supertech Chairman
The Indo enabling Directorate of this Enforcement made the headlines when it arrested RK Arora, chairman of Supertech to a money laundering case. Arrest came after several FIRs have been filed against Arora and Supertech Company for defying the public through the real estates investment plans. Hasty decisions were shared as the ED found out that money was being siphoned and various assets to the tune of Rs 40 crore were frozen.
5. Darshan Hiranandani’s Signed Affidavit
Darshan Hiranandani who is at the heart of the ‘cash for query’ scandal linking TMC MP Mahua Moitra insisted that he had offered the affidavit independently and in his free will and had it notarized at the Indian consulate in Dubai. He filed the affidavit with Lok Sabha privileges committee and it was also provided copies of the same to CBI & Nishikant Dubey. Out of the entire issues surrounding Moitra’s parliament login credentials, Hiranandani kept saying sorry for that ‘personal highly regrettable error of judgment’.
While admitting the issue has become politicised he pointed out that facts should be presented in the clear manner. Hiranandani declined to speak about gifts, but said he would fully abide by law enforcement in this aspect.
6. ED Targets IREO and M3M Group
The Enforcement Directorate probing into the case reported a money laundering scam of Rs 400 crore involving real estate majors IREO Group and M3M Group. The probe probed into shared complicated transactions and fund embezzlement where the ED was able to confiscate assets such as luxurious cars, and jewelries.
7. Real Estate Scandal of Hyderabad
In Hyderabad, the ED conducted search and raid operations on Sahithi Infratech and the Phoenix Group; here the agency detected huge land deals and other fraudulent businesses. These investigations concern accusation of cheating customers by Sahithi Infratech and thousands of customers are in a state of confusion.
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