Thursday, November 27, 2014

Investment News and Commentary from Emerging Markets in Asia - China, India and ASEAN




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This also happens in India!

Scams in India are not uncommon. But this one is linked to the official in the state government of Delhi and Delhi Development Authority (DDA), a Delhi government body, responsible for distribution of land & also for undertaking major housing projects .

The investigations done by the Central Bureau of Investigation (CBI), the investigating authority of the Indian government, points fingers on one Ashok Malhotra, who in the 1980’s was selling, ‘Masala Chai’ – tea made with spices & herbs and ‘Chole Kulche’ - a very popular north Indian dish made of chick peas and fresh fried bread. Later in 1986, he managed to get contract for running a Canteen in Delhi State Assembly (a seat of political power in Delhi). This helped him to develop contacts with influential persons in the state government and use these for amassing wealth through unfair means.

He is in the news all over India, for being involved in a criminal conspiracy with DDA officials to fraudulently acquire more than 5,000 plots of land in Delhi, which were meant for resettlement of slum dwellers.

CBI raids at his own posh residence & that of his relatives have revealed some astonishing facts. He is accused of having 52 luxury cars with VIP number plates, huge sum of hidden cash and more than seven kg of gold!! CBI has also found fake ration cards, official rubber stamps, allotment letters of plots and fabricated land sale deals.

In an interview with a popular TV channel, Malhotra has admitted his links with the government officials that have helped him in his passion for acquiring VIP car numbers. The enquiry is in progress and he is now in CBI custody for further interrogation.

Has such a thing ever happened in China, if you know of any, share it here.

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