In a letter addressed to all the Principal CCsIT and DsGIT (Investigations) dated 28-11-2014, details of investigation and assessment in last three years carried out with respect to any of the entities of the 35 groups have been sought. In cases where no investigation has been done, it has been directed to carry out the investigation on the allegations made and take suitable action. The compliance of said directions is required to be reported to CBDT latest by 15-12-2014.

It is pertinent to note that on 26-11-2014, The Cobra Post ( www.kobrapost.com ) Channel came up with a Cover Story called Operation Black Ninja where it was reported that after an investigation lasting more than 18 months, the channel found 35 real estate companies with a pan-india presence, across nine states willing to do bulk transactions in black money. As per their modus operandi, these companies accept a substantial part of sale price in cash and undermining the sale-price which amounts to money laundering. As per the report, the cash component may range from 10 to 90 percent of the actual sale price. As per the channel, t he 35 companies that Cobrapost investigated are in Delhi, Noida, Gurgaon, Ghaziabad, Jaipur, Lucknow, Mumbai, Kolkata, Hyderabad, Bangalore and Kochi. As per the cover story of the channel, Senior officials of the said real estate companies admitted that accepting payments in black was nothing new for them and that it was an accepted norm of the real estate industry and even some of these real estate officials were ready to accept black money abroad via hawala.

Cobrapost Channel conducted an sting operation of all these entities and have posted a detailed summary of how these companies proposed to launder the money.

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