Capital land deals put FIU on alert
Within four months, nearly 1,500-2,000 acres of land changed hands in the rural areas of the capital of Andhra Pradesh, with an acre commanding staggering prices ranging between Rs 1-2 crore
Dec 12, 2014
Source : The Times of India

 

HYDERABAD: The Financial Intelligence Unit (FIU) of the Union ministry of finance has raised a red flag over scores of high-value monetary transactions happening in the proposed capital region of Andhra Pradesh.

FIU, an independent body reporting suspicious financial transactions directly to the Economic Intelligence Council headed by the Union finance minister, is responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions. It is also responsible for coordinating with various agencies in pursuing global efforts against money laundering and related crimes.

After Andhra Pradesh chief minister N Chandrababu Naidu announced his intent to develop a world-class capital city in the erstwhile Vijayawada, Guntur, Tenali and Mangalgiri Urban Development Authority (VGTM-UDA) region in September, Tulluru and Mangalagiri mandals in Guntur district are witnessing a real estate boom as they form the core of the new capital.

Within four months, nearly 1,500-2,000 acres of land changed hands in the rural areas of the capital region like Tulluru, Amaravati, Tadikonda and Mandadam, with an acre commanding staggering prices ranging between Rs 1-2 crore. A major chunk of farmers who sold their land have been depositing cash in their bank accounts to check the genuineness of currency or cheques they have received from property buyers.

As per RBI guidelines, all banks submit Cash Transaction Report (CTR) of transactions worth above Rs 10 lakh to the central bank within a month's time

. Similarly, financial institutions send a Suspicious Transaction Report (STR) to RBI and FIU for investigation if they identify certain anomalies regarding high-value cash transactions.

FIU then disseminates the STR details to various probe agencies, including CID of the state concerned, which is the local nodal agency to probe economic offences,

to investigate and submit a report on any suspicious accounts and their operators. After conducting a probe with data obtained from the banks, income tax and revenue officials, CID sends a feedback report to FIU.

"Before the state bifurcation, CID hardly used to receive any STRs from the VGTM-UDA region. However, in the past four months, on an average about 15 accounts from the capital region figure in the STR," a senior intelligence official from AP told TOI.

 

Latest Realty News

Why do we need PMC in a city 'surrounded by filth': HC
Dec 12, 2014
Patna: Patna High Court raised questions about the utility of Patna Municipal Corporation (PMC)
Vashi: Builders line up their best deals for home buyers
Dec 12, 2014
Navi Mumbai: 15th edition of BANM exhibition gets underway in Vashi on Friday
Private equity in realty sector to grow up to $3bn in 2 years
Dec 12, 2014
MUMBAI: The government's decision to relax FDI norms in the construction sector is likely to attract private equity investments to the tune of up to $3 billion
Housing for all scheme soon, says government
Dec 12, 2014
New Delhi: With an estimated three crore people having been identified as homeless, government will soon come out with a scheme to provide housing to all
Slums on hills building plans in concrete, hope to get legal tag
Dec 11, 2014
PUNE: In the last few days, the slum pocket on Kondhwa Budruk hilltop has come alive with the news that the state government may regularise illegal constructions
Eviction of encroachers: Tamil Nadu govt sets up redressal committees
Dec 11, 2014
CHENNAI: The state government on Thursday announced formation of district level redressal committees for eviction of encroachments
‘Repeal land ceiling act’
Dec 11, 2014
KOLKATA: Adi Godrej, the chairman of Godrej Group, wants the Urban Land Ceiling Act in Bengal repealed
FAR hike likely for group housing
Dec 11, 2014
NEW DELHI: Co-operative group housing societies will now be able to avail of 200 FAR promised in MPD 2021, if a proposal pending with the lieutenant governor is approved
No demolition till Dec 2017
Dec 11, 2014
NEW DELHI: Pre-poll relief to a large number of residents of unauthorized colonies, slum dwellers, street vendors, existing farmhouses and several other structures and constructions
Fiery protest over PMC-disband buzz
Dec 11, 2014
Patna: Several councillors of Patna Municipal Corporation (PMC) are up in arms against the urban development and housing department's recommendation to dissolve the civic body

Latest Realty News Of State

Realty Talk's