25 Jul '12, 9pm

8 FDIs from Singapore under I-T lens: At least eight cases of Foreign Direct Investments (FDI) in some obscure r...

NEW DELHI: At least eight cases of Foreign Direct Investments (FDI) in some obscure real estate companies — each worth more than $100 million — from Singapore have come under the scanner, with the income tax's overseas unit (ITOU) having investigated them for alleged round-tripping. Suspicion was raised when authorities detected huge FDI flowing into some little-known real estate firms in India in the form of equity participation. Not much was known about these firms or the nature of their business either in India or Singapore and also from where the funds were routed through FDI. A senior finance ministry official said they suspect these real estate firms to be front entities of some corporate houses and their black money has been routed through Singapore to acquire real estate in the country. The Mumbai and Chennai directors general of I-T investigation have been asked t...

Full article: http://timesofindia.indiatimes.com/india/8-FDIs-from-Sing...

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