When a retired IAS officer facilitated a ₹14 crore farmland deal, only ₹3.5 crore was transferred through official channels, with the remaining ₹10.5 crore exchanged in cash over hours in a bank, showcasing the prevalence of black money in Indian real estate transactions. A Reddit post detailing this experience went viral, with users sharing similar stories of cash-based land deals where only a fraction of the amount was accounted for, highlighting the systemic loopholes enabling tax evasion and money laundering in the sector. Despite crackdowns, the pervasive use of black money in real estate transactions continues to persist, with little indication of change in the foreseeable future.
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This Microsoft-backed London startup made 700 engineers in India pose as AI
Builder.ai Files for Bankruptcy Builder.ai, previously valued at $1.5 billion, has filed for bankruptcy due to accusations of misleading investors regarding its AI capabilities. The company, which received backing from Microsoft and Qatar's sovereign wealth fund, reportedly employed Indian engineers to manually code applications while falsely promoting them as AI-generated. This deception resulted in financial misrepresentations, heightened regulatory scrutiny, and ultimately, the company's collapse. Full Article
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