At a time when exports had hit a slump and many businesses had folded up, there were a few shining exceptions. One SEZ thrived in times of crisis. It is only now that the Enforcement Directorate has found that the balance sheets did not tell the real story. Investigation into the ‘Great Jharkhand Loot’, allegedly involving former CM Madhu Koda, has revealed a bigger scam at the Noida Special Economic Zone (NSEZ) concerning fictitious trade in gold and diamonds besides a land swindle. The scale of the scam runs into several thousand crores.
Sources said the SEZ in question had a turnover of around Rs 16,000 crore last year of which more than 62% of the trade, nearly Rs 10,000 crore, was in gold, platinum and diamonds, most of which had allegedly been imported from Dubai and re-exported to the same destination.
Investigators probing the case believe most of these dealings were done on paper only to facilitate banking transactions to launder money to Dubai and from there to a third country. The companies allegedly involved in the scam, which have now been barred from operating in bullion trade from the SEZ on suspicion of money laundering, allegedly belong to Sanjay Choudhary and other Koda aides and their business partner Manoj Punamia.
More : timesofindia.indiatimes.com
Send an E-Mail for Noida Property Enquiry!
Related News from Noida
Koda man almost got SEZ in Noida
There is no end to the story of financial profligacy of the former Jharkhand chief minister Madhu Koda. Income tax officials have found documentary evidence that reveal that a Koda frontman was negotiating to acquire a SEZ in Noida. The documents seized by officials reveal that Manoj Punamiya, who was acting on behalf of Koda associate Binod Sinha, was in advance stages of negotiation for a SEZ in Noida. Punamiya’s involvement in the illegal transaction had earlier figured in a hawala transfer of Rs 500 crore ($100 million) to one Abdul bhai in Dubai. Documentary evidence had been seized by
Hawala dealer from Indonesia and Koda’s CA key to probe
Indonesia-based hawala dealer Anil Vastawade and chartered accountant S K Naredi have emerged as key in the alleged money laundering case against Madhu Koda with investigators saying they were the main facilitators” for money transfers and property acquisitions by the former Jharkhand Chief Minister and his associates. Officials in the Enforcement Directorate (ED) said that Vastawade — earlier based in Dubai — has been on their radar for several months. Two hawala dealers named in the case Arvind Vyas (already questioned) and Manoj Punamia (absconding) are known to have made huge transfers to Vastawade. Officials said they will soon request
Omaxe May Come Out With Rs. 1,000 Cr IPO
Considering the upswing in the capital market, Omaxe, real estate developer, may come out with an initial public offer in the next few months to raise an estimated Rs. 1,000 crores, the Economic Times reported. Market source said that the company has intensified work on this front and is looking at raising about Rs. 1,000 crores through the public offer. The IPO should hit the market in the next six months, the source said. If the company comes out with the IPO, Omaxe would be joining the likes of other real estate developers DLF, Parsvnath Developers and Ahluwalia Contracts India,
Grand Group to set up 8 hotels
The Grand Group of Hotels, a Bharat Hotels enterprise, which at present operates seven hotels in India, is planning to set up eight new hotels at an investment of Rs. 1,000 crores. The goal is to double the number of properties under the banner in the next three-five years. The group is also considering setting up hotels in Dubai and London. In the domestic market, the group will invest Rs. 1,000 crores in properties in Bekal at Kerala, Ahmedabad, Amritsar, Hyderabad, Jaipur, Chennai, Surat and Noida. Lalit Suri, Chairman and Managing Director, The Grand Group of Hotels, said, "Our strategic
Unitech 1Q PAT of Rs 74 cr exceeds PAT of Rs 69.65 cr
Unitech Limited, the nations largest listed Real Estate Company, today announced its unaudited stand alone financial results for the quarter ended 30th June 2006. For this period, the income increased by 114% to Rs. 306.21 crores, as compared to Rs. 141.76 crores in the corresponding period the previous year. The profit after tax increased by 798% to Rs. 74 crores, as compared to Rs.8.24 crores in the previous year. Announcing the results, Mr. Sanjay Chandra, Managing Director, Unitech Limited, said, We are glad to announce that Unitech Ltd continues to sustain its pace of growth as well
Jaiprakash Associates Q3 Net Profit Up 6%
Jaiprakash Associates Ltd., a Jaypee Group engaged in integrated engineering construction and cement manufacturer, announced financial results for the third-quarter, reporting higher net profit on increased revenue, mainly from the Real Estate Division. The Noida, Uttar Pradesh-based company posted third-quarter net profit of Rs.165.51 crore, up 6% from Rs.155.80 crore in the third-quarter of 2007. On a per share basis, earnings for the quarter declined 5% to Rs.1.29 from Re.1.36 in the corresponding quarter last year. The company's quarterly net revenue grew 47% to Rs.1,321.69 crore from Rs.899.79 crores in the prior year quarter, while other operating income was Rs.58.94 crore, compared
Noida land deal: Irregularities alleged
The decision to sell land for more development in Noida has exposed major irregularities. The land of dreams for 5,000 families was sold by the Uttar Pradesh government to Unitech Limited for Rs 1,500 crores and is being dubbed as Indias biggest land deal. But the deal could become the biggest controversy as a Bangalore based company called I-City Infrastructure has alleged irregularities in the deal and said it would appeal to the Allahabad High Court. I-City said it had offered Rs 2,100 crores for 350 acres in Sector 96, 97 and 98 of Noida, Rs 500 crores more than the price Unitech