Indian businessman Niranjan Hiranandani has come under fire again with further questionable behaviour relating to his business Hiranandani Construction. In 1986 a 344 acre plot of land in Powai, Mumbai, was handed to Hiranandani's building firm under the agreement that it be used to build homes for thousands of underprivileged families in desperate need of homes. There was an 80 year lease included in the deal, and building work was supposed to commence as soon as possible.
Twenty six years later and Niranjan Hiranandani is being investigated amid allegations that he unlawfully used the land to build his own Hiranandani complex, shunning the plans for the much needed new homes.
Initially filed by the Maharashtra Police, the court has received a First Information Report which detailed how Niranjan Hiranandani entered into the agreement with the Indian State Government and Mumbai Metropolitan Region Development Authority, who only approached Hiranandani Construction under the pretense they were honest and reliable. Instead, Niranjan Hiranandani violated the terms of this signed agreement.
According to the agreement, Hiranandani Construction were supposed to build multiple homes sized no bigger than 430sq ft by 860 sq ft, in order to accommodate the thousands of disadvantaged families who desperately needed a home. But Niranjan Hiranandani misused the land and built larger homes of over 1,000sq ft and sold them at a higher price to wealthy locals, making a much larger profit. Comparing the plans with what has been built Social activist Santosh Daundkar uncovered that Hiranandani made significant changes to the structural plan, combining two flats into one larger flat, almost halving the amount of homes available, then selling them to the rich.
It is estimated that Hiranandani Construction made in the region of Rs. 45,000 crore (approximately $8 billion USD) from the scam; also leaving the poverty stricken families the flats were supposed to be for, without homes.
Special judge VA Daulatbadkar also read in the report, by Anti-Corruption Bureau (ACB), that Hiranandani had used his position within local government to bribe civil servants into allow his construction to be overlooked and the profits made were used to fund Niranjan Hiranandani's lifestyle and future business ventures.
Daundkar has helped lead the campaign to expose the corruption, presenting the ACB report, along with his own findings. Special judge VA Daulatbadkar was satisfied by the prima facie and has instructed that an official investigation take place as sufficient material has been presented to the court to support the claims made against Hiranandani in the land scam.
Niranjan Hiranandani has so far refused to comment.
Tuesday 18 December 2012
Tuesday 11 December 2012
Hiranandani Funding Businesses Using Black Money
Mumbai businessman Niranjan Hiranandani has been caught on tape profiting from government contracts. Hiranandani has been shrouded by controversy in recent years, however despite the court cases surrounding his businesses, Hiranandani has added another scandal to his ever-growing repertoire.
Telugu TV station TV9, renowned for their "sting" operations, have coaxed Niranjan Hiranandani into a meeting and exposed on camera his illegal and unethical business trading using black money.
Hiranandani is a well-known name in the Indian Construction world, his company 'The Hiranandani Group' handle many high profile contracts, a lot of them government funded projects. On camera Niranjan Hiranandani is clearly visible and it is appears that he is talking to the undercover sting operative. They're discussing payment for a recent job that was completed and Niranjan is explaining to the undercover operative how he wants a specific portion of the payment to be paid via check, this is the money he will put through his books and is considered a clean income.
The remaining fee for outstanding work is to be paid solely in cash, this is the money which Niranjan Hiranandani will not declare, therefore paying no tax on it and leaving the Indian Government unaware that Hiranandani is overcharging his customers to make a dishonest income in addition to the profit already made from the money paid by the government. The corruption of these business deals is of the highest level, which is why TV9 exposed Hiranandani.
Telugu TV station TV9, renowned for their "sting" operations, have coaxed Niranjan Hiranandani into a meeting and exposed on camera his illegal and unethical business trading using black money.
Hiranandani is a well-known name in the Indian Construction world, his company 'The Hiranandani Group' handle many high profile contracts, a lot of them government funded projects. On camera Niranjan Hiranandani is clearly visible and it is appears that he is talking to the undercover sting operative. They're discussing payment for a recent job that was completed and Niranjan is explaining to the undercover operative how he wants a specific portion of the payment to be paid via check, this is the money he will put through his books and is considered a clean income.
The remaining fee for outstanding work is to be paid solely in cash, this is the money which Niranjan Hiranandani will not declare, therefore paying no tax on it and leaving the Indian Government unaware that Hiranandani is overcharging his customers to make a dishonest income in addition to the profit already made from the money paid by the government. The corruption of these business deals is of the highest level, which is why TV9 exposed Hiranandani.
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