The report on how dirty money from around the globe has found its way into the real estate sector of Canada, released last week, revealed that a Gulf Island estate was bought for 3.5 million Canadian dollars (C$) with funds allegedly embezzled from a $90 million loan fraud in India.
DNA Money could not access the report prepared by British Columbia’s Expert Panel on Money Laundering in Real Estate. According to reports in the Canadian media, the extensive report highlights the raging issue of Vancouver becoming a popular destination for money laundering, largely through its booming housing sector.
“C$3.5 million Gulf Island estate acquired with funds allegedly embezzled from a $90 million loan fraud in India,” said a report by a leading American news agency.
The alleged $90 million (approximately Rs 634 crore) loan fraud in the report could be referring to the IDBI Bank case being probed since last year by the Central Bureau of Investigation (CBI), involving a company registered in the British Virgin Islands, a Finnish firm and some former senior bank officials.