Tomorrowland: Indian state’s pilot shows the world how to put land records on blockchain
Property fraud is rampant in India and takes many forms. It’s one of the biggest avenues for investing black money. One way is to hold property in other people’s names, and this practice is called benami, which means ‘false name.’
In this murky scene, the government does not only lose revenue, but buyers can also be duped when the same property is sold to multiple entities. What exacerbates it is rampant corruption. The Indian government introduced a new law and have seized benami properties worth US$282 million since November last year.
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