Petition updateTo stop the relocation of residents of Kathputli Colony till Raheja Builders demonstrates ability to finish 2800+ flats in time of two years.Black Money & Raheja Developers - Why Our Petition Is Even More Important Now
Sanjay SharmaGurgaon, India
Dec 10, 2014 — http://comments.gurgaonscoop.com/2014/11/27/raheja-developers-busted-in-sting-operation-by-cobrapost-regarding-black-money/ Raheja Developers were recently caught in a black money sting operation of Cobrapost. The apex body CBDT has asked all tax authorities to submit a compliance report on Rahejas and the other builders caught in the sting. This black money angle may explain why builders like Rahejas cannot complete their projects even 7 years after launching them, and the "product" delivered is so shoddy that 43 buyers of Raheja Atharva have already sued them in National Consumer Commission. Another 15 are expected to file their cases soon. Similarly over 70 buyers in Raheja Vedaanta are planning to file lawsuits against Raheja Developers like the Atharva buyers, and will before Dec 15, 2014 send a legal notice regarding the same. Black money could be a root cause for all this. Imagine that if a company has calculated the profitable selling price to be Rs 7000 per square feet. As long as it is all in cheque or white money, it will go into the accounts of the company. Now if the company sells the same in black money 50-50. It means that the company books will only show Rs 3500 per square feet, while another Rs 70 lakhs will be in cash (assuming a 2000 sq.ft apartment). What happens to this Rs 70 lakhs in cash is what causes projects to be late, and quality poor. There is no accounting for this Rs 70 lakhs to the company (or the Govt, which makes it ILLEGAL). Some cash may be kept for the company to use in paying bribes, if needed, but chances are that it is used to buy more land-banks for future projects. And much of it may go into the personal pockets of top directors. Whether this was happening at Raheja Developers will only be known after a detailed investigation. Till a thorough investigation is completed the Kathputli Colony residents must not be forcibly removed, which is why our petition is even more important. Thanks for all your support. You can see the full transcript of the Raheja Sting Operation here http://cobrapost.com/index.php/news-detail?nid=7299&cid=23 The Raheja official in the videos shows how black money is managed, is generated, how the exchequer is cheated by showing low prices, how black money can be accepted in Raptor ECC offices in Dubai, etc etc.
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