Soaring Coal Prices Increasing Global Electricity Rates making Green Energy more Lucrative
December 3, 2010India's Oligopolistic Banking Sector High Lending-Deposit Spread (NIM) due to Lack of Competition
December 3, 2010Karnataka,the southern state of India is known for fostering the growth of the IT industry in India.Bangalore which is the capital of the state is known around the world for being the Technology Capital of India.The state is home to India’s biggest and most famous companies like Wipro,Infosys and numerous other IT MNCs.However the state which was known for its Technology prowess is fast becoming the Land Scam Capital.Karnataka has seen numerous land scams as the states politicians took advantage of the appreciating real estate price in Bangalore and surrounding areas.With the sharp increase in purchasing power amongst Bangalore’s citizens,the real estate prices shot up in a crazy manner.Real Estate in India is the worst sector in India in terms of Corruption and Real Estate Companies are known to be totally sleazy and corrupt.In fact most of the recent scams in India has one or more Realty Companies as the main prognosticator.
Karnataka’s Chief Minister has justified corruption as tradition and despite huge pressure to resign managed to survive due to unique caste politics of India .Also the fact the most of the ministers in his ministry are known to be multi billionaires through illegal mining of iron ore.In fact even bureaucrats,generals and admirals have been found to be corrupt in recent realty scams.With a FIR being filed against one of the minister,he had to resign.Note this is the 3rd minister to resign as corruption has become widely prevalent in India.The Supreme Court has called the corruption in India “mind boggling” while the Chief Vigilance Officer had earlier called 30% of India’s population utterly corrupt.
Yeddy’s trusted minister takes blame for land scam, resigns
Anti-corruption watchdog Lokayukta had yesterday registered an FIR against Naidu and nine others as it found evidence against them in the Karnataka Industrial Area Development Board (KIADB) land scam. For allotment of land and obtaining consent of farmers, most of whom were family members and associates of Naidu and his son Jagadish, illegal gratification of Rs 87 crore was allegedly paid to a benami company of Naidu and Jagadish, it said.Lokayukta Santosh Hegde said that charges such as forgery, cheating, benami transactions, creating false documents, creating fictitious firms, among others, have been made out against the accused in the FIR.
2 Comments
Year 2010 is year of scam,
Regular Dividend paying “Mini-ratna” PSU Balmer Lawrie’s, fully owned subsidiary Transafe ltd is in scam.
The Former MD and CEO are arrested and remanded for seven days.
I think that corruption was always there,its just getting more exposed now through social media