MGF Scam: Fact or Wrong Accusation?

November 29, 2012 – 11:51 am
MG MGF Reg MG MGF 1.8I 2DR

Scams are commonplace in the world’s largest democracy. The country under the governance of the repeatedly-accused corrupt government of India has seen a large number of scams happening in recent years, some of them coming to surface because a variety of reasons. In some cases, they have been so glaring that it has surprised many how they had been siphoning off money right under their noses. With so many people crying foul in the country, one has to wonder if in some cases crying foul is in fact crying wolf. Many cases have been found reason to be tried, but some have also been found to be cases wrongfully naming the guilty party because of various reasons.

The MGF scam in Hyderabad is one of the cases where one may have cried wolf. The Emaar properties scandal accused the company of selling the plots of their ultra luxurious Boulder Hills Golf residency at rates that were lower than agreed with the governmental partner, Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The Central Bureau of Investigation (CBI) is still conduct a complete interrogation.

But through their initial probe, they have already discovered that the key accused and the facilitator of the entire scam has been the Managing Director of APIIC, Mr. B.P. Acharya. Pending a complete interrogation, Emaar MGF stands cleared of all charges of the scam. With so many scams surfacing almost every day, Emaar MGF may just be wrongly accused in the matter that seems more the fault of the constantly failing government.

Source: International Real Estate

Cisco's Worst Nightmare (and Sun's and IBM's and Nortel's and...

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The deal had hit a snag--a big snag called Cisco. Late last summer John Lynch's company, Asset Recovery Center, in Eatontown, N.J., was on the verge of selling 59 used Cisco routers to New York brokerage firm Credit Suisse First Boston for $1.3 million. Then Cisco got wind of the deal. 'Cisco threw up tons of roadblocks to try to stop the sale,' says Lynch. The router maker's sales representatives told CSFB that the used equipment wouldn't work, and even if it did, CSFB would be unable to get service contracts for it and would be left hanging if it broke later on. Only after convincing CSFB that the equipment was in perfect condition did Lynch land the deal. 'Cisco probably lost out on a $4 million order,' says Lynch. 'Better yet,' he adds, chuckling, 'I got the equipment certified as...

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