Buyer Beware

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BY PROPERTY SOUP twitter @propertysoup

We came across this story and found it too interesting not to share. For the most part, we have our buying rules and regulations down here in the US of A. We know what we need to do, we know how we need to do it, and we know what we cannot do. Adnan Sami,  is a popular Bollywood singer and songwriter in Pakistan known for the hit song Lift Karade. Adnan, who is the equivalent to the US version of Justin Timberlake,  thought he had his crap together too. Little did he know, his buying, selling, and transferring of properties would land him in his own version of Property Soup that was thick and messy. Here’s Adnan Sami in action:   Also known for  losing tons of weight in 2007. He’s now half the size he was in that video. Adnan’s eight flats and five parking spaces were ordered to be confiscated in December, and he’s freaking out because he claims he has no idea that he was doing anything wrong, and his appeal is pending. They’re confiscating the flats saying purchase of all the properties as well as transfer of five flats and three parking slots to his wife, Sabah  were illegal and violated Foreign Exchange Management Act (FEMA) laws. According to TimesNow.tv: “[Adnan’s] properties, located in Oberoi Sky Garden Housing Society in posh Lokhandwala complex in suburban Andheri, were acquired by Sami in 2003 in violation of Foreign Exchange Management (acquisition and transfer of immovable property in India) Regulations, 2000, ED sources said. Under these regulations, any person, who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanisthan, China, Iran, Nepal or Bhutan cannot purchase or transfer any kind of immovable property in India without taking permission of RBI [Royal Bank of India].”
Read more at: http://www.ndtv.com/article/india/enforcement-directorate-seizes-adnan-sami-s-mumbai-property-75225?cp
Did Adnan REALLY not know the law? Did he just gift the property to his wife because he knew he’d no longer be considered the owner? Did he get a good deal on the property, needed to move the property quickly,  but wasn’t able to purchase without the permission of the Reserve Bank of India, so he got his Arab wife to become the owner? These are all speculations. Adnan is maintaining his innocence, claimingthat he had no idea about this law. Only time and the pending court case will tell.

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