Announcement

Collapse
No announcement yet.

IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

Collapse
X
Collapse

IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

Last updated: July 17 2020
32 | Posts
3604 | Views
  • Time
  • Show
Clear All
new posts

  • IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

    Central investigation and intelligence institutions[edit]

    Central Bureau of Investigation[edit]
    The Central Bureau of Investigation (CBI) is India's premier investigative agency, responsible for a wide variety of criminal and national security matters. Often cited as established with the Delhi Special Police Establishment Act, 1946, it was formed by the central government (which controls the Delhi police) with a resolution. Its constitutionality was questioned in the Gauhati High Court Narendra Kumar vs Union of India case on the basis that all areas of policing are exclusive to state governments, and the CBI is a central-government agency. The court ruled that despite the lack of legislation, the CBI is an authorized agency of the central government for national policing. Its ruling was upheld by the Supreme Court of India, which cited the CBI's national importance.
    The bureau is controlled by the Department of Personnel and Training in the Ministry of Personnel, Public Grievances and Pensions of the government of India, usually headed by the Prime Minister as the Minister of Personnel, Public Grievances and Pensions. India's Interpol unit, the CBI draws its personnel from IPS officers throughout the country. Specializing in crimes involving high-ranking government officials and politicians, the CBI has also accepted other criminal because of media and public pressure (usually due to local-police investigative incompetence).

    Income Tax Department[edit]

    Main articles: Directorate General of Income Tax Investigation, Investigation Division of the Central Board of Direct Taxes, and Chief Commissioner of Income Tax Central

    Directorate General of Income Tax Investigation helicopters are supplied by the Indian Air Force.
    The Income Tax Department (ITD) is India's premier financial agency, responsible for a wide variety of financial and fiscal matters. The department is controlled by the Department of Revenue in the Ministry of Finance, headed by a minister who reports directly to the prime minister. The Central Board of Direct Taxes (CBDT) is also part of the Department of Revenue. It provides input for policy and planning of direct taxes, and is responsible for the administration of direct-tax laws through the Income Tax Department. The CBDT operates in accordance with the Central Board of Revenue Act, 1963. The board members, in their ex officio capacity, are also a division of the ministry dealing with matters relating to the levy and collection of taxes, tax evasion and revenue intelligence. It is India's official Financial Action Task Force on Money Laundering (FATF) unit. The Income Tax Department draws its staff from Indian Revenue Service officers nationwide, and is responsible for the investigation of economic crimes and tax evasion. Some special agents and agents can carry firearms.[1]
    The Directorate of Criminal Investigation (DCI) is headed by the Director General of Intelligence (Income Tax), which was created to address cross-border black money. The DCI conducts unobtrusive investigations of "persons and transactions suspected to be involved in criminal activities having cross-border, inter-state or international ramifications, that pose a threat to national security and are punishable under the direct tax laws."[1]
    Commissioners of the ITD's intelligence directorate posted in cities such as Delhi, Chandigarh, Jaipur, Ahmedabad, Mumbai, Chennai, Kolkata, and Lucknow will also conduct criminal investigations for the DCI. The ITD's intelligence wing oversees the Central Information Branch (CIB), which has a repository of data on taxpayers' financial transactions.

    Directorate of Revenue Intelligence[edit]

    The Directorate of Revenue Intelligence (DRI) is an intelligence-based organization responsible for the coordination of India's anti-smuggling efforts. Officers are drawn from the Indian Revenue Service and Group B[clarification needed] of the Central Board of Indirect Taxes and Customs.
    Central Economic Intelligence Bureau[edit]
    The Central Economic Intelligence Bureau (CEIB) is the intelligence agency responsible for gathering information and monitoring the economic and financial sectors for economic offenses and warfare.
    Directorate General of Central Excise Intelligence[edit]
    The Directorate General of Central Excise Intelligence (DGCEI), formerly known as the Directorate General of Anti-Evasion, is an intelligence-based organization responsible for tax-evasion cases related to central excise duty and service tax. Officers are drawn from the Indian Revenue Service and Group B of the Central Board of Excise and Customs.

    National Investigation Agency[edit]

    The National Investigation Agency (NIA), the central agency combatting terrorism, can deal with interstate terror-related crimes without permission from the states. The National Investigation Agency Bill 2008, creating the agency, was moved in Parliament by the Home Minister on 16 December 2008.[2][3][4] The NIA was created in response to the 2008 Mumbai attacksas a central counter-terrorism agency. Also dealing with drug trafficking and currency counterfeiting, it draws its officers from the IRS and the Indian Police Service.

    Narcotics Control Bureau[edit]

    The Narcotics Control Bureau is responsible for anti-narcotics operations nationwide, checking the spread of contraband and the cultivation of drugs. Officers in the bureau are drawn from the IPS and IRS.

    Bureau of Police Research and Development[edit]

    The Bureau of Police Research and Development (BPRD) was established on 28 August 1970 to modernize the police forces. It researches police issues, including training and the introduction of technology at the federal and state levels.

    National Crime Records Bureau[edit]

    In 1979, the National Police Commission recommended the creation of agency to maintain criminal records and a database shareable at the federal and state levels. The National Crime Records Bureau (NCRB) was established by combining the Directorate of Coordination Police Computers, the Central Fingerprint Bureau, the Data Section of Coordination Division of the Central Bureau of Investigation, and the Statistical Section of the Bureau of Police Research and Development.

  • Sharpj
    replied
    Mumbai: Builder (Bhagtani) who fled after taking Rs 427 crore from home detained in Dubai by Interpol

    Read more at:
    http://timesofindia.indiatimes.com/a...campaign=cppst

    Leave a comment:


  • yogeshraja
    replied
    Real Estate Deal Between Rana Kapoor's Wife, Gautam Thapar Under CBI Scanner


    Bindu Kapoor’s Bliss Abode bought a 1.2 acre Amrita Shergill property from Thapar’s Avantha Realty Limited in 2017, a transaction which appears to have been struck at far below market price.
    Click image for larger version

Name:	ETKRg_JUcAAGSTu.png
Views:	4
Size:	339.3 KB
ID:	2676086




    14/MAR/2020

    New Delhi: A company owned by Bindu Rana Kapoor, the wife of former Yes Bank CEO Rana Kapoor, Bliss Abode Private Limited, bought a house held by industrialist Gautam Thapar’s Avantha Realty Limited when Avantha had mortgaged the property with Yes Bank.

    The transaction between the two firms, which is now being probed by the Central Bureau of Investigation (CBI), was done on September 15, 2017.

    Documents filed with the Registrar of Companies show that on September 20, 2017, Yes Bank officially released the property to Avantha after the firm paid Rs 374 crore plus accrued interest to the firm. This was five days after the sale deed was signed between Kapoor’s firm and Thapar’s.
    Click image for larger version

Name:	1C79CD8E-87DB-48F1-9FD6-E7C6394AB3D5.jpeg
Views:	1
Size:	74.7 KB
ID:	2676083

    Click image for larger version

Name:	67E87ABC-97F0-4AFC-B722-0C51A766416C.jpeg
Views:	1
Size:	60.3 KB
ID:	2676084

    Click image for larger version

Name:	43774B3C-6B81-4042-86AD-6EE90D206B3F.jpeg
Views:	1
Size:	45.8 KB
ID:	2676085








    ​​​


    Sale Deed by The Wire on Scribd


    Interestingly, other group firms like Avantha Holdings and Solaris Chemtech had also availed loans from Yes Bank on the same property.
    Click image for larger version

Name:	F9179B27-33B4-47F9-9D85-D1C9313DA4F1.jpeg
Views:	1
Size:	54.8 KB
ID:	2676087



    Click image for larger version

Name:	68D8D9ED-5394-4C43-83D3-C621AEEAA8ED.jpeg
Views:	1
Size:	49.9 KB
ID:	2676088






    In August 2016, Avantha had availed a Rs 400 crore loan from Yes Bank. A few days later, another Rs 810 crore of loan facility was extended to group firms Avantha Holdings and Solaris Chemical. It is not clear from the documents whether the remaining loans of Rs 810 crore were cleared or not.


    Bindu Kapoor’s Bliss Abode bought the house for Rs 378 crore, which seems far below market price considering that the bank had extended Rs 1,200 crore of loans to Thapar’s company against the same property.

    On Friday the CBI registered an FIR on the transaction done between the two firms and raided offices of the firms involved.

    But this isn’t the only transaction which seems suspect.

    Rana Kapoor has been arrested on charges of money laundering by the Enforcement Directorate worth Rs 4,300 crore.


    The ED claims that along with his family members he has laundered money through 78 shell companies. The agency says a firm controlled by his three daughters had also received Rs 600 crore loan from troubled reality firm Dewan Housing Finance Limited (DHFL). Dewan Housing had been loaned money by Yes Bank which eventually turned into bad debt.

    Government agencies suspect that the loan to the firm controlled by his daughters was a quid pro quo for loans granted by Yes Bank. Kapoor has denied all charges and claims all transactions were clean and above board.

    Bindu Rana Kapoor was a director in 42 firms including some that have been named in the CBI FIR. Other firms held by her three daughters – Rakhee, Roshni and Radha Kapoor – are also being probed for money laundering and receiving kickbacks for granting loans to ineligible firms, say investigating authorities.

    https://thewire.in/political-economy...mpression=true

    https://www.scribd.com/document_down...Fmef3m2i2QTRvk


    https://www.scribd.com/document_down...xs3-p8vU9pkLno
    Last edited March 16 2020, 04:15 AM.

    Leave a comment:


  • yogeshraja
    replied
    yes bank
    Click image for larger version

Name:	ETKRg_JUcAAGSTu.png
Views:	4
Size:	339.3 KB
ID:	2676089
    Last edited March 16 2020, 04:19 AM.

    Leave a comment:


  • yogeshraja
    replied
    I-T dept. seizes ₹1 cr. from city-based firm

    The Income Tax department has seized ₹1 crore and detected unaccounted income of over ₹400 crore during searches conducted on a prominent business group based out of Chennai.

    The group deals in non-ferrous metal processing — lead, copper and aluminium — apart from money-lending activities, and is said to have reported a turnover of more than ₹1,000 crore.

    The I-T department did not disclose the name of the group.

    The searches were conducted on February 25, according to a statement by Surabhi Ahluwalia, spokesperson of the Central Board of Direct Taxes (CBDT) and I-T Commissioner (Media and Technical Policy).

    ‘Kacha’ accounts


    The highlight of the search operation was the discovery of hidden cloud servers that were different from those regularly used by the group for accounting, containing unaccounted transaction details often referred to by the group as ‘kacha’ accounts, the statement said.

    “Similarly, a large amount of encrypted data was retrieved from a pen drive which was tracked and obtained from a third-party premise. The pen drive and the database were decrypted to gather information about the unaccounted capital accumulated by the group,” the press statement said.

    Evidence was also gathered regarding the introduction of unaccounted funds as bogus share premium in one of the companies belonging to the group, it added. A large number of property documents, promissory notes and post-dated cheques taken as collateral security in the money-lending business were recovered and seized during the searches, the department said.

    The investigations are ongoing and the department is in the process of finalising the proceedings.

    https://www.thehindu.com/news/cities...mpression=true

    Click image for larger version

Name:	ESFjUKKX0AYFH3B.jpg
Views:	1
Size:	99.3 KB
ID:	2675374



    Last edited March 2 2020, 02:10 PM.

    Leave a comment:


  • yogeshraja
    replied
    Who reads your WhatsApp messages?

    income tax officials!
    Click image for larger version

Name:	ERIIuVfVUAAvfp5.jpg
Views:	1
Size:	116.3 KB
ID:	2674729







    Leave a comment:


  • yogeshraja
    replied
    IT department identifies 2,000 Indians who failed to declare overseas properties in tax returns

    In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.


    The Income Tax department's Criminal Investigation wing has identified 2,000 Indian citizens who hold properties in Dubai but had failed to declare it in their IT returns.

    In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.

    In the past few years, people have used shell companies to route illegal money and buy overseas properties to evade income tax.

    However, the tax department has now increased its efforts to track down those involved in major tax evasion cases.

    The 2,000 persons and companies identified mainly include businessmen, top professionals, and government officials.

    The IT department will initiate action against the accused under the Black Money Act.

    Citizens who own properties outside the country but fail to declare the source of funds or income used for the purchase could be prosecuted under the Black Money Act.

    Under Section FA (Foreign Assets) of the Income Tax Act, an individual has to declare purchase and ownership of properties, assets, companies owned outside the country while filing the income tax returns annually.

    In the recent drive against black money, the IT department identified 2,000 Indian nationals who failed to provide information on the same while filing IT returns.

    Of the 2,000 citizens owning properties in Dubai, around 600 could not furnish details regarding purchase details. Those who haven't been able to explain the source of funds used for the purchase of properties could be prosecuted and their properties can be attached by the agency.

    Other than the attachment of the property, they can face a monetary penalty up to 300 per cent of the property value and also face imprisonment under the Black Money Act.

    The properties owned by Indians in Dubai raised red flags as this pattern of parking money is used by money launderers, smugglers, underworld gangsters and drug traffickers for making payments.

    It is worth mentioning that of the 2,000 citizens identified, most are residing in Mumbai, followed by Kerala and Gujarat.

    The clause under section FA (foreign Assets) came into effect in the year 2011-12 and it is mandatory for people owning properties outside India to declare it in their IT returns.

    Those identified by IT department could also face action under FEMA (Foreign Exchange Management Act) by the Enforcement Directorate under Section 4.

    Recently the Enforcement Directorate (ED) launched a crackdown on black money parked overseas by tracking and identifying immovable assets bought overseas by Indian nationals illegally.

    The move is being carried out under rules laid down under Section 4 of FEMA (Foregn Exchange Manipulation Act), 1999. Section 4 of FEMA states that no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.

    On January 17, the Enforcement Directorate (ED) conducted searches at the residence of a former chief engineer of Brihanmumbai Municipal Corporation (BMC) in connection with an inquiry related to FEMA. In the raids, the ED officials recovered documents related to the purchase of a property in Dubai in an allegedly illegal manner.

    The ex-BMC chief engineer was posted with some of the most crucial wings of the municipal corporation -- the building proposal department and development plan department.

    The agency did not disclose the name of the ex-BMC chief engineer but it has been learnt that he had superannuated around seven years ago from the municipal corporation.

    ED, in a statement, said incriminating documents with regard to illegal acquisition of a property held in Dubai was recovered during the search operation.

    The former BMC chief engineer has stated that he had purchased the property in Dubai at 'Park Island, Bonaire Marsa, Dubai' for Rs 70 lakh in 2012. The property is held jointly in his name, his spouse and son.

    The retired BMC officials could not furnish any documents which would help ascertain the value of the property and also could not provide details on how the payments were made to buy the property in Dubai.

    The citizens identified by the IT department recently also adopted a similar route to buy property in Delhi. It remains to be seen how the income tax department plans to penalise them.


    https://www.indiatoday.in/amp/india/...763-2020-02-12


    Black money hurt, most people of Mumbai have illegal property in Dubai
    • Dubai is the best place for some people to consume black money
    • Income tax department will take action against the accused under the Black Money Act
    • Property may be confiscated if income tax department does not get correct answer
    The Income Tax Department's Criminal Investigation Cell has identified 2000 Indian citizens who have properties in Dubai. But he did not declare it in his IT return. The agency has taken this step under the ongoing campaign against black money. According to the information of the agency, some people bought properties abroad and transferred to shell companies in recent years. All this was done to keep the money earned wrongly and to save income tax.

    Government's campaign against black money

    The Income Tax Department has tightened up against those who steal tax extensively and spend black money abroad. Dubai remains the nearest and favorite place to spend black money.

    Many businessmen, top professionals and government officials are among the 2000 people and companies identified. Income tax department Will initiate action against the accused under the Black Money Act. People who have property abroad. But he did not declare it and those who failed to disclose the source of the money used to buy the property, would be prosecuted under the Black Money Act.

    According to the section FA (foreign assets) of the Income Tax Act, it is necessary to give information about the assets, resources and companies purchased outside the country while filing the annual IT returns. Out of 2000 people owning property in Dubai, about 600 did not provide any source of income or other relevant documents related to payment at the time of purchase.

    With the prosecution of such people, their property can be confiscated. Apart from this, penalty of up to 300% of the value of the property can be recovered from them. Also, imprisonment will also have to be suffered under the Black Money Act. Money launderers, smugglers, underworld gangsters and drug traffickers have also been used to buy property in Dubai.

    Most of mumbai people

    Mumbai has the highest number of 2000 people identified. After this comes the number of Kerala and Gujarat. Explain that Section FA (Foreign Property) was started in the year 2011-12. Since then, property purchased abroad IT return It is mandatory to declare in.

    The Enforcement Directorate (ED) will also take action against those identified by the Income Tax Department under the Foreign Exchange Management Act (FEMA). Recently, the ED has launched a campaign against those possessing black money abroad. Under this, identification of immovable properties purchased illegally by Indian citizens is being done. Under Section 4 of the FEMA Act, a citizen residing in India cannot hold nor transfer foreign currency, foreign securities or any immovable property outside India.

    It was revealed in the press of ED

    Please tell that on January 17 this year, ED had searched the house of former Chief Engineer of BMC in the case related to FEMA. During this search, ED officials linked to allegedly illegal property purchased in Dubai The papers Were confiscated. This former Chief Engineer was posted at important places like BMC's Building Proposal Department and Development Plan Department. The agency did not reveal the identity of the former chief engineer but it is being told that he retired from BMC about 7 years ago.

    The former chief engineer is said to have bought 89 square meters of property in Dubai's Park Island, Bonaire Marsa, in 2012 for Rs 70 lakh. But where did the money used to buy this property came from, the Chief Engineer could not give information about it.


    https://techkashif.com/black-money-h...erty-in-dubai/

    Last edited February 13 2020, 06:50 AM.

    Leave a comment:


  • yogeshraja
    replied
    ED finds software in DHFL system used to create fake accounts for money laundering

    ED's investigating team discovered that software was installed in the main operating systems of DHFL and was used to create fake folio numbers and accounts, where the siphoned money was equally distributed.


    In a major breakthrough, the Enforcement Directorate (ED) has found the software used by the Wadhawans to launder Rs 12,773 crore from the DHFL.

    While investigating suspicious property deals related to late underworld gangster Iqbal Mirchi, the agency also found out that DHFL promoters Kapil and Dheeraj Wadhawan created shell companies to divert money from the NBFC.

    ED's investigating team discovered that software was installed in the main operating systems of DHFL and was used to create fake folio numbers and accounts, where the siphoned money was equally distributed. The total amount in these dummy accounts is almost close to Rs 12,800 crore.

    It is worth mentioning that the software used by the Wadhawans helped them create fake borrowers, folio numbers and profiles. These were used as accounts used for laundering money from DHFL...

    The software was specifically created for the purpose of hiding fake loans or the amount laundered through the NBFC from RBI and other agencies. This indicates that DHFL's promoters were directly involved in laundering money.

    The fake loan profiles or accounts created by the software are mainly residents of the slums as DHFL provided loans to SRA projects as well.

    These documents and profiles were misused by DHFL promoters; the real people had no idea about the loans.

    Other than slums, the software has also made use of a list from government staff quarters, and listed staffers as debtors of DHFL in the system. Hundreds of crores were laundered in their name without their knowledge.

    The software would distribute loan amounts in a pattern. For instance, if Rs 1 crore was to be distributed equally then the software would create say 10 such fake accounts and distribute unanimously from Rs 10 lakh to Rs 25 lakh.

    The investigative agency got access to the software after the arrest of Kapil Wadhawan, chairman of DHFL. The agency had mentioned that they have secured digital evidence in their remand appeal earlier.

    Kapil Wadhawan is in judicial custody of the Enforcement Directorate till February 18.
    ...
    DHFL owes over Rs one lakh crore to multiple financial institutions, including a Rs 40,000 crore exposure to banks. Enforcement Directorate has found Rs 12,773 crores laundered by DHFL and another Rs 20,000 crore is untraceable as per KPMG forensic audit report.


    https://www.indiatoday.in/amp/india/...343-2020-02-11
    Click image for larger version

Name:	EQjd5SlWoAAdsFt.jpg
Views:	3
Size:	104.8 KB
ID:	2674194



    Click image for larger version

Name:	EQjZ-QRWoAM_lWG.jpg
Views:	1
Size:	90.4 KB
ID:	2674250





    Last edited February 13 2020, 06:45 AM.

    Leave a comment:


  • yogeshraja
    replied
    Mumbai: 'As retainer in HDIL, Wadhawan's wife got Rs 70 lakh per month'

    The ED questioned her about the source of funds for the purchase of a bungalow in Bandra along with flats in Golf Links Building, and bungalows in Alibaug and Vasai.

    MUMBAI: Anu Wadhawan, wife of Sarang aka Sunny Wadhawan, was being paid Rs 70 lakh a month as a retainer in one of the HDIL Group companies, according to chargesheet submitted in court by the Enforcement Directorate (ED) in the PMC Bank scam.

    The ED questioned her about the source of funds for the purchase of a bungalow in Bandra along with flats in Golf Links Building, and bungalows in Alibaug and Vasai. She told the ED she was not aware about the source of funds used for purchase of these properties.

    She told officials she did not hold the post of director in any of the HDIL group companies and worked as a retainer in Privilege Industries Ltd. She joined the company in 2016. Sunny and his father Rakesh were directors in the company.

    The ED recorded her statement in a money laundering case they are probing against the Wadhawans in the Punjab and Maharashtra Cooperative (PMC) Bank fraud. She told officials she was not involved in her husband’s business activities.

    The ED has arrested her husband and his father Rakesh Wadhawan in the case. Earlier, the ED had seized jewellery worth Rs 60 crore, including a diamond ring worth Rs 15 crore, that she had kept with her relative to avoid its attachment.

    Rakesh Wadhawan, in his statement, admitted the PMC was evergreening the account and it disbursed a fresh loan to him in August 2019, a month before the registration of the fraud case.

    https://realty.economictimes.indiati...month/73050755

    Leave a comment:


  • yogeshraja
    replied
    ED attaches Ceejay House & 6 other properties in Iqbal Mirchi case

    • DHFL is currently undergoing bankruptcy resolution under Insolvency and Bankruptcy Code (IBC)
    • Sunblink Real Estate had negotiated a deal with Mirchi with the help of a middleman Ranjit Bindra

    MUMBAI : The Enforcement Directorate (ED) on Wednesday provisionally attached two floors of Ceejay House and six other residential and commercial properties with market value of ₹600 crore, said ED in a press statement. The case is of alleged money laundering, amassing huge wealth and some of the proceeds being used for terror financing.

    The properties have been attached after links has been traced back to the deceased former aide of Dawood Ibrahim - Memon Iqbal Mohammed or Iqbal Mirchi. An accused in the 1993 Mumbai serial blasts case, Mirchi was wanted by the Indian government on multiple charges of murder, extortion and drug traffic.

    These properties include 3 and 4 floor of Ceejay house , Worli, Mumbai, an office premise at Arun Chambers, Tardeo, Mumbai, three flats in Sahil Bungalow, Worli, Mumbai, three prime commercial shops in Crawford Market, Mumbai and Bungalows & Land (more than 5 acres) in Lonawala. The other properties include - Rabia Mansion, Marium Lodge and Sea View in the prime location of Worli, Mumbai, estimated to be worth ₹500 crore, these attachments includes links with a local builder Sunblink Real Estate, which had received funding from Dewan Housing Finance Corporation (DHFL).

    DHFL is currently undergoing bankruptcy resolution under Insolvency and Bankruptcy Code (IBC).

    "These properties were acquired by Iqbal Mirchi in the name of his family members and relatives," said ED.

    The attachment comes after ED filed a 12000 page chargesheet in the case against 16 individuals including late Iqbal Mirchi, his sons Asif Memon and Junaid Memon, his wife Hazra Memon, Director of Sunblink Real Estate Sunny Bhatija, broker Ranjeet Singh Bindra and Dheeraj Wadhawan director of Sunblink and a non-executive director of DHFL.

    What are the links?

    Mirchi was the owner of various properties in and around Mumbai. His wife Hazra Menon owned 14,000 Sq. Ft area of 3rd and 4th floor of Ceejay House with an estimated value of ₹85 crore. Located at the posh neighborhood of Worli in south Mumbai, the Ceejay Jouse is a 300,000 sqft building currently hosting a large global financial institutions such as Barclays PLC, Credit Suisse Group AG and Nomura Financial Advisory and Securities. While India's Tata Motors and Jaguar Land Rover continue to operate their showrooms out of the building, some of its earlier tenants included Lehman Brothers and Societe Generalli.

    The two floors back in 1970 belonged to AK Mohammad who was illegally occupying a portion of it. Iqbal Mirchi entered into an agreement with M K Mohammed for acquiring the rights in the property in the name of his wife Hazra Memon for ₹9 Lakh and the agreement was executed in 1986.

    "Though payments of only ₹20,000 was made in 1986, the possession of the property was taken by Iqbal Memon in 1986 itself and he started running a discotheque by the name of ‘Fisherman’s Wharf"," said ED in its press statement.

    This property was later redeveloped by Millennium Developer Pvt Limited in 2007 and Mirchi was given 14000 Sqft on 3rd and 4th Floor of Newly constructed Ceejay House in Worli Area in the name of his wife Hajra Memon and sons. Millenium Developers is owned by senior National Congress Party leader and former union aviation minister Praful Patel.

    The same modus operandi of acquiring properties in the names of relatives was used in the other six properties to hide the criminal origin of the funds, ED found in its probe.

    Investigation also revealed that Sunblink Real Estate had paid a total amount of ₹111.80 crores to various persons/entities(including Mirchi) in India in relation to purchase of development rights of these properties in addition to ₹154 Crore paid to Iqbal Mirchi in Dubai.

    "From the proceeds received in Dubai, Iqbal Memon purchased a Hotel namely Midwest Apartment in Dubai for AED 93 Million. Investigation under PMLA revealed that the ownership of these properties is still with Sir Yusuf Mohammed Trust who acted in active collusion with Mirchi and was proxy owner on behalf of Mirchi," ED said.

    Sunblink Real Estate had negotiated a deal with Mirchi with the help of a middleman Ranjit Bindra. The little-known Sunblink was funded by Dewan Housing Finance through a loan of ₹2,186 crore. ED is presently ascertain the nature of the funding.


    https://www.livemint.com/companies/n...mpression=true

    Leave a comment:

Tags: None
Have any questions or thoughts about this?
Working...
X