I-T dept joins probe into Gadkari’s firm ED May Launch Probe Under Anti-Money Laundering La

I-T dept joins probe into Gadkari’s firm

ED May Launch Probe Under Anti-Money Laundering Law

TIMES NEWS NETWORK

New Delhi: With evidence emerging to suggest that Nitin Gadkari may have loaned money to firms which invested into Purti Power and Sugar Ltd, the income tax department has joined the corporate affairs ministry in looking at funding of the company founded by the BJP chief. There are also indications that the Enforcement Directorate may examine the possibility of launching a probe under Prevention of Money Laundering Act if further evidence of forgery emerges and an FIR is registered.
    A TOI examination of the funding web revealed that over 100 companies could be behind the two dozen firms which have been key investors in Purti group, bringing in amounts ranging from a few lakhs to a few crores in what constituted the first layer of the baffling maze of investments. Many of the 100 companies, spread all over India, were being managed by Gadkari’s aides for a couple of years or so.
    A deeper look at the documents filed with the Registrar of Companies reveal another mystifying pattern: of Gadkari himself lending money as unsecured loan to companies which invested into Purti. Take the instance of Update Mercantile. The company, which is registered at Ghatkopar East, Mumbai, holds 29 lakh shares in Purti group. It received unsecured loan of over Rs 80 lakh in 2009-10 from various sources. Of this, Gadkari had lent Rs 14.5 lakh.
    The same pattern is seen in the case of another Purti investor, Regency Equifin as well. The company, registered at Malad East, Mumbai, holds 43 lakh shares in Purti. In 2008-09, Gadkari gave an unsecured loan of Rs 26 lakh to the firm, of which Rs 10 lakh was returned the next year. In 2011, the loss making Purti gave a loan of Rs 95 lakh to Regency Equifin.
    The transactions have triggered suspicion among investigating agencies of round-tripping and money laundering. Sources said the investigators will now also look at other violations such as forgery. In many instances, details of directors etc of companies that have invested in Purti group have already turned out to be bogus.
Officials give clean chit to Vadra in Haryana land deals
    Haryana officials have given a clean chit to Robert Vadra in various land deals in the state, barely a fortnight after whistleblower IAS officer Ashok Khemka, who ordered the probe, was shunted out of the land registration department. Inquiries by the deputy commissioners of Gurgaon, Faridabad, Palwal and Mewat have indicated that there was no wrongdoing in land deals involving Congress chief Sonia Gandhi’s son-in-law. There was no instance of undervaluing of land, Palwal deputy commissioner V S Dahiya said. Khemka had scrapped a land deal between DLF and Vadra, saying the change of title was inappropriately authorized. P 11 GIVE & TAKE INVESTMENT?
    TOI investigation found a funding web of 100-odd companies that could be behind the two dozen firms which are key investors in Purti group
    Many of the 100 investing companies were managed by Gadkari aides
    Gadkari himself lent money as unsecured loans to the companies which invested it back into Purti, documents with the Registrar of Companies show
    One such company in Mumbai, holding 43 lakh shares in Purti, received a 26 lakh unsecured loan from Gadkari in 2008-09, of which only 10 lakh was returned
    Another investor, Regency Equifin, received a 95 lakh loan from the loss-making Purti Group in 2011
    I-T probe already on, indications that ED may look at launching probe under Prevention of Money Laundering Act if more evidence emerges and FIR lodged in cases of forgery as alleged by several “directors”
    Gadkari cancels scheduled trip to Delhi. Staff in Nagpur say he is indisposed