gfiles magazine

May 11, 2017

Emaar MGF : Loot in the open

It’s a story that has all the classic and inherent ingredients of a mega scandal-a realtor operating in India, where most real estate deals are murky; a foreign promoter based in the Middle-East, where no distinction can generally be made between money and power; Indian promoters, who are well-connected in Delhi, and have residential addresses in Amrita Shergil Marg and Golf Links; friends of the promoters, who had access to a former Prime Minister of the country, and who were allegedly involved in an earlier scam; and, of course, two mega media organisations, which were shareholders. More importantly, all the right persons and agencies knew almost everything about the various swindles. The Central Bureau of Investigation (CBI) collected 50,000 pages of documentation.

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