India Corruption by Sectors, Families and Promoters

By pjain      Published Aug. 11, 2020, 12:02 a.m. in blog Humanities-History-Blog   

Viable Industrialists that outgrew India

Some like Ambanis/Adanis are Viable Industrialists - Smarter at Debt and Management

Many Families that Fully shifted offshore

Anil Aggarwal, Vedanta Group Privatizing to London - Re 1.03 T defaulted - BJP-supporter, HQ in London

Headquartered in London, Anil Aggarwal’s The Vedanta group operates in the metals and mining sector. Second-largest defaulter on the list, Vedant group owes the banks nearly Rs 1.03 lakh crore.

Mittal Steels - MT

Ruias Essar Group - Rob and Run Abroad with Re 1.01 T default - heavy Congress supporters

  • Ruias and Ambanis are close friendly families.

A giant with diverse business interest ranging from services to steel, the Essar Group was founded by brothers Shashi Ruia and Ravi Ruia. Rigged with controversy, the group balance sheet shows a debt worth Rs 1.01 lakh crore.

Dilip J Thakkar Overseas entity: Kansu Corporation Location: Bahamas, Chartered Accountant Dilip Jayantilal Thakkar, 79, is a senior partner of Jayantilal Thakkar & Co. and Jayantilal Thakkar Associates in Mumbai. He has 40 years’ experience in the field, and is on the board of at least 14 companies including Essar Oil and Essar Ports, according to Bloomberg. According to the documents accessed by The Indian Express, Thakkar was a director of Kansu Corporation, a company registered in the Bahamas.

Videocon Group, Venugopal Dhoot, Re 0.45 T - now absconding abroad

Famous for making television and now offers d2h services. Its founder and CEO Venugopal Dhoot also ventured into the telecommunication business. This group owes the banks about Rs 45,405 crore.

Database of Overseas Money Stashers

Top List of Overseas Money Stashers

Indian Co Offshore Entity Tax Haven Firm/Family Political Ties/Timeline
Kushal Pal Singh DLF Willder Ltd,Alfa Investments, Beckon Investments Global British Virgin Islands DLF wife Indira,son Rajiv Singh, daughter Pia Singh Congress Strong ties
Shiv Vikram,Uday s/o Nand Lal SUN gp Khemka 100+ Offshore incl. Willsun Investments Co Jersey, BVI
Amitabh Bhachan Director of 4+ shipping companies British Virgin Islands Bollywood Black Money Prestigious multiple party = Old Nehru dynastic
Aiswarya Rai Bachchan AMIC Partners British Virgin Islands Bollywood Black Money I'm too sweet and innocent - virginal bride!
Ajay Bijli PVR cinemas
Kavin Bharti/Sunil Mittal /CEO of Hike/CEO Bharati Airtel
Jalaj s/o Ashwin Dani s Asian Paints
Anurag Kejriwal
Sameer Gehlaut Indiabulls London,UK property
Shishir Bajoria SK Bajoria,Kolkatta Old Jute,etc. BVI
Onkar Kanwar J&S Systems Corp BVI
Harsh Salve Crestbright, Pyebush Gp, Edenval Ltd BVI
Vinod Adani Adanis elder brother of Gautam Adani
Navin Mehra Mehrasons Jewellers
Jehangir Sorabjee
Hajra Iqbal Memon Terrorism

Miscellaneous other "Small Fry"

Satish Govind Samtani, Vishlav Bahadur and Harish Mohnani. Offshore entities: Design & Quality Ltd and Trileon Limited Location: BVI MF records list Satish, Vishlav and Harish as directors in two offshore companies in the BVI, Design & Quality Ltd, incorporated on December 4, 2008, and Trileon Limited, in November 2007. Records show that Design & Quality Limited was registered in December 2008 and the process for its dissolution began in July 2015. They show, however, that it would be struck off MF registers only on April 30, 2016. Trileon Limited, with Bahadur and Samtani as directors, was struck off the records in 2012.

Ranjeev Dahuja, Kapil Sain Goel Offshore entities: Bealls International Corp Location: BVI. Panchkula-based Ranjeev Dahuja and Kapil Sain Goel run Berkeley Automobiles, with dealerships of Hyundai and Tata Motors, in Chandigarh. MF records list both as directors of Bealls International Corp which was set up in the BVI in June 2012. Both have equal shareholding of 5,000 shares each, and their passports and Panchkula addresses are on record. The company, is, however shown to have been wound up in October 2013.

Vivek Jain Offshore entities: Sacvinam Global SA, Radiant World Holdings, Location: BVI, Hong Kong Vivek Jain, a B.Com graduate, runs an agriculture equipment store in Madhya Pradesh. MF records show that he is a director in Sacvinam Global SA, a company registered in the British Virgin Islands in 2010, and a shareholder in Radiant World Holdings, registered in Hong Kong in 2011. Records show that Jain held 79,000 shares in 2010 of Sacvinam, which has another director named Nahar Pinkesh. Radiant is listed as a shareholder of Sacvinam Global SA and a document dated December 2, 2011 shows that Jain was allotted 8.2 lakh shares of the company. His address in Mandsaur is reflected accurately in MF records.

Garware family. Offshore entities: Rondor Overseas Ltd, others Location:BVI and Panama. MF records show that the Garware family, comprising Ashok Garware, Aditya Garware and Sushma Garware, is associated with a clutch of offshore entities. Ashok Garware is a shareholder in Rondor Overseas Ltd, registered in BVI on May 10, 1996, holding 1,000 shares of $1 each and a capital of $10,000.

Onkar Kanwar | | J&S Systems Corp | BVI. Offshore entity: J&S Systems Corporation Location: BVI. Onkar Kanwar, chairman of Apollo Group, and his family members floated an offshore entity, J&S Systems Corporation, in BVI in 2010 and two trusts in 2014. MF records show that the entity holds a million shares of 0.01 pence each in London Stock Exchange-listed Mercom Oil Sands plc, an apartment in London’s iconic ‘The Tower’, and accounts in Barclays Bank, Singapore, and Cayman National Bank and Trust Company Ltd in Isle of Man. The balance in Cayman on November 30, 2014 was GBP 3,65,478.26, records show.

Mohan Lal Lohia. Offshore entities: Venton Group Ltd, Lohia Charitable Foundation Location: BVI & Panama Well-known industrialist Mohan Lal Lohia is Chairman Emeritus of Indo Rama Synthetics and Chairman of Indo Rama Holdings Ltd. MF documents show that Lohia is the “first director” of Venton Group Ltd, registered in the BVI in 2007 with its objectives listed as “broad” and India address as Greater Kailash in New Delhi. In November 2012, MF was instructed via email to let Venton “die a natural death”. MF records show that Lohia also set up the Lohia Charitable Foundation, an NGO, in Panama in January 2010 with a corpus of $10,000. Apart from Lohia, his grandson Amit Lohia and daughter-in-law Seema Lohia are listed as members of the foundation’s family council.

Tabasum & Abdul Rashid Mir. Khadi can be profitable! Offshore entity: Mondale SA Location: Panama. MF records show Abdul Rashid Mir, Cottage Industries Exposition (CIE) founder and CEO, floated Mondale SA on September 4, 2002, in Panama with an authorised capital of $10,000, divided into 100 shares. MF provided three directors and a secretary. The bearer shares were issued ten days later — on September 14 — and Mir’s son Mujeeb subscribed “as shareholder to the entire authorised share capital of the company” on October 8.

Satya Prakash Gupta. Overseas entity: Sterling Global Partners Ltd. Location: Ras Al Khaimah (UAE). Delhi businessman Satya Prakash Gupta set up Sterling Global Partners Limited in August 2015 through financial service providers Anglo Manx Trust Company Limited and Mossack Fonseca (MF) in Ras Al Khaimah, United Arab Emirates (UAE). Before setting up the UAE company, Mossack Fonseca records show, the 67-year-old Gupta took up a “full-time job” as Global Head (Marketing and Business Development) with M/s NextGen General Trading LLC (Dubai) in March 2015. His two-year contract from April 1 mentions an annual salary of $100,000 plus performance bonus, and annual travel and business reimbursement up to $1 million.

References

Hard to track - Promoters cross MULTIPLE sectors usually Conglomerates

Food and Agriculture

Birlas - UPA-staunch - 3 generations of Strong Congress connections

Jute and Tea Empires

Shishir K Bajoria belongs to one of the oldest business families in Kolkata trading in jute and tea. He is the promoter of SK Bajoria Group, which has steel refractory units in six countries with an annual turnover of $200 million. Offshore entity: Haptic (BVI) Limited, Location: British Virgin Islands (BVI) Bajoria is listed as a beneficial owner of Haptic (BVI) Limited, which was set up in the BVI on October 26, 2015 by Mossack Fonseca & Co (MF) along with First Names Group (Isle of Man), a corporate services provider. MF records show the entity was formed “to receive assets from sister company and settle new trust” with its activities to be carried out “in Isle of Man/UK”.

Tea and Coffee Plantations

Gargi Barooah Overseas entity: Walker Foundation Location: Panama. Gargi Barooah, daughter-in-law of the late Dr Hemendra Prasad Barooah, Padma Shri and the grand old man of Assam’s tea industry, was the sole beneficiary of Walker Foundation set up in Panama in April 2010. Gargi moved to the US with her minor daughter in 2010.

Premji from Seed Oils to IT

REI Agro - Jhunjhunwala Bros- BJP?

REI Agro of Jhunjhunwala brothers is already under the scanner of ED. The CBI and ED are also probing alleged fraud by the owners of Winsome Diamonds.

  • Highly influential in Mumbai and Gujarat clique of financial manipulators

Ruchi Soya Industries, Indore Re 0.02 T

  • now owned by Ramdev’s Patanjali, with Rs 2,212 crore

Consumer Staples and E-Commerce

Rotomac Global Re 0.03T

Kanpur-based writing instruments giant

  • It has funded advances of Rs 2,850 crore which have been technically written off Vikram Kothari’s Rotomac is the fourth in the list. He and his son Rahul Kothari were arrested by the CBI for bank loan default.

Consumer esp. Discretionary and Sin

Kingfisher Spirits - Vijay Mallya - Congress/Tamil Nadu/AP? 0.02T

Mallya’s Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.

Case : Total value at the time of attachment was Rs 8040 Crore and of seizure was Rs 1693 Crore. Value of shares at the time of seizure was Rs 1693 Crore. Declared fugitive offender. On extradition request by GoI,UK High Court, has also ruled for extradition.

Fashion, Global Jewelry Networks of Profits and Money Hiding

Diamonds Private Limited has loans of Rs 1,962 crore written off

Forever Precious Jewellery, Ahmedabad, Harish R. Mehta Re 0.02 T

Nirav Modi, Gujarati Diamond Merchant - BJP?

  • Gujarati and seen in group photos along with Narendra Modi

Nirav Modi Case : Immovable and movable properties worth more than Rs 2387 Crore attached/seized.( Attachment Rs 1898 Crore and Seizure Rs 489.75 Crore) . This includes foreign attachments of Rs 961.47 Crore. Auction of luxury items for Rs 53.45 Crore. He is in prison in the UK.

Mehul Chowsi, Gujarati Diamond Merchant - BJP?

Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 0.05,5 T Deccan Chronicle Holdings Rs 0.02 T written off loans.

Choksi’s other firms Gili India and Nakshatra Brands also have loans of Rs 1,447 and Rs 1109 crore respectively written off.

Mehul Choksi Case : Attachments of Rs 1936.95 Crore including foreign attachment of Rs 67.9 Crore. Seizure of Rs 597.75 Crore. Red Notice issued. Extradition Request sent to Antigua. Hearing for declaration of Mehul Choksi as Fugitive Offender is in progress.

Mehrasons Jewellers

Owner of Mehrasons Jewellers, Ashwani Kumar Mehra’s corporate profile lists his sons, Deepak Mehra and Navin Mehra, as partners in his jewellery empire. Since 1999, the family has registered seven offshore companies in the Bahamas and the British Virgin Islands. Among them, PTC Group Ltd is shown to be either a secretary or shareholder in the other companies. Mossack Fonseca (MF) records show that apart from Mehra, wife Mala Rani and their two sons, two of these offshore entities — Maxhill Holdings Ltd and Stonebay International Ltd — have listed his daughters-in-law, Pooja and Shalini, as directors. Romi Sahai, a director with Minerva Trust, is shown as a director in some of these companies.

Of Princesses in Fashion, Arts

Amrita Jhaveri Offshore entity: Amaya Limited Location: Seychelles. Art diva opened Seychelles company to hold ‘asset in Switzerland’ In a 2013 interview to Sotheby’s magazine, art collector Amrita Jhaveri, speaking on her Amaya Collection, said the word in Sanskrit means without illusion. Mossack Fonseca documents show that Amaya Limited was the company she set up in Seychelles in 2005, primarily to “hold asset in Switzerland”.

Johnny Manglani Offshore entities: JM Group of Companies Ltd, Others Location: BVI, Cyprus. A major player in men’s fashion clothing, Johnny Manglani has registered a host of offshore entities in the BVI and Cyprus. There are almost 1,000 MF documents listed for one of them, JM Group of Companies Ltd, which was registered in 2007, including records of at least seven other Cyprus firms of which it is shown as the holding company. Manglani’s wife Elmira and daughters Anita and Dasha are listed as shareholders of JM Group of Companies Ltd.

Old and New Media Industry

Butani Arts Alliance Media

Nish Bhutani Offshore entity: Arts Alliance Media BVI Ltd Location: BVI. He is the global head of product at Vuclip, a US-based online video-on-demand firm, held 3.41 per cent, or 34,583 ordinary shares of $ 0.01 value each, in Arts Alliance Media BVI Ltd. The company was incorporated on April 17, 2003 in the BVI. His residence mentioned in the Mossack Fonseca documents is 26 Ridge Road, Malabar Hill, Mumbai. The bulk of the shareholding in the company — 81.55% or 827,416 shares — is with a company called Cheetah International Investments Ltd, headquartered in Guernsey.

Alok Industries, Surendra Bhoan, Re 0.22 T

Zee - BJP strong supporters

Pl get the money from your RS Member Zee whose company is top defaulter in YES Bank as per list released by you

Automobiles are BIG money in India - lots of parts imported

TVS Motors

Indira Sivasailam and Mallika Srinivasan. Offshore entities: Stanbridge Company Ltd Location: BVI. Indira Sivasailam, who died in December 2008, at the age of 73, was the wife of Anantharamakrishnan Sivasailam, chairman of Amalgamations Group. She was survived by her husband and two daughters — Mallika Srinivasan, chairman and CEO of Tractors and Farm Equipment Limited (TAFE), the third largest tractor manufacturer in the world, and the late Jayshree Venkatraman, director of TAFE (Power Source Division). Mallika is the wife of Venu Srinivasan, chairman of TVS Motors. MF records list Indira as a shareholder in Stanbridge Company Ltd, which was incorporated in 1999 in the BVI. Records show that shares of the older couple were transferred to their daughters in 2011 and eventually, in October, 2011 Malika Srinivasan relinquished her shares “for personal reasons” to one Ved Prakash Ahuja.

Amktek Auto, Arvind Dham, Re 0.14 T DEFAULT

Even Small Fry - Tyre Importers

M/s Trimblesh ‘N’ Savas. Overseas entity: The Mine Tyre & Truck Services Group Pvt Ltd. Location: BVI. Mossack Fonseca documents show that M/s Trimblesh ‘N’ Savas — it is a company that trades in specialised tyres and is owned by Delhi businessman Viney Krishan Chaudhri — owned all 100 shares in The Mine Tyre & Truck Service Group Pvt Ltd (BVI) ever since it was incorporated in the British Virgin Islands on August 20, 2009.

REAL ESTATE

Real Estate, India Key Factors

Zoom Developers, Gwalior, 0.02

  • with Rs 2,012 crore default

Poonawallas

Zavaray Poonawalla. Offshore entity: Stallast Ltd Location: BVI. Brother of billionaire Dr Cyrus Poonawalla, Zavaray heads the managing committee of the Royal Western India Turf Club (RWITC) and is on the board of four companies that deal with real estate, construction, hospitality and stud farms. MF records list Zavaray, wife Behroze and daughters Simone and Delna, as directors of Stallast Ltd set up in 2013 in the British Virgin Islands. Stallast was struck off the records in 2014.

REAL ESTATE Abroad

London Property - the Beneficiary of Tax Havens and Hidden Assets

  • For example 100+ entities in the name of the Khemkas, were setup to own and manage commercial property in London

  • Sameer Gehlaut of Indiabulls, one of the country’s largest realty groups controlled by Sameer Gehlaut, brother Nagendra and father Balwan Singh, made headlines in June 2014 when it acquired a 87444-sq ft property for GBP 155 million at Hanover Square in London. Before Indiabulls Real Estate Ltd entered the UK market, Sameer Gehlaut acquired at least three top London properties through family entities in Karnal, Delhi, Bahamas, Jersey and UK. Currently being developed as residential and hotel projects, these properties are owned by SG Family Trust, set up in October 2012 for the benefit of the family. LATER ON Indiabulls was one of the Non-Bank Infrastructure and Real Estate companies that default on millions in Indian PSU bank money.

  • Panama Papers: Karnal to London via Bahamas, The Route Indiabulls Promoter Took - YouTube

Health Care

Pharma, Generics now Center of Offshore

Vinod Ramchandra Jadhav Offshore entities: A number of firms Location: BVI. He is the chairman of Pune-based Sava Healthcare, with manufacturing facilities in Ahmednagar and Bangalore. The company is involved in research and development, and manufacture of healthcare products and veterinary products. Read | $10 million as capital: 10 members of KP Singh’s DLF family, three BVI firms MF records show that Jadhav is listed as a director or shareholder in a clutch of offshore firms, mostly set up in the BVI between 2010 to 2015. They include Sava Portfolio Holdings Limited, Easycall Holdings Ltd, STF Portfolio Holding Limited, RIM International Corp and MaplePharm Holdings Inc. Liquidation proceedings have been initiated for at least two of these entities.

Infrastructure

GMR Group, Mr GM Rao, Re 0.48 T default - Benefited heavily from UPA Congress

The company that built the Delhi airport’s International Terminal T3 which cost around 12,850 crore. His company now owe Rs 47,976 crore to the banks. GMR Group was awarded Contracts for operating Delhi & Hyderabad Airports by UPA.

How are they connected to BJP now?

ERA Infra Engg, H S Bharana, Re 0.1 T

ABG Shipyard, Rishi Agarwal, 0.07T

Jyoti Structures, Sadashiv Kshirsagar 0.05 T

Chemicals, Cement and Paper

Kudos Chemie, Punjab Re 0.023

  • with Rs 2,326 crore written off

Thapar group controlled Ballapur Paper Mills

- Crompton Greaves Industrials
- Ballarpur Industries, Paper major
Gautam and Karan Thapar Offshore entity: Charlwood Foundation, Nikom International Foundation Location: Panama. Gautam and Karan Thapar, sons of Brij Mohan Thapar, took control of Crompton Greaves Limited after the division of the Thapar Group in 1999. Karan ran Crompton Greaves from 2000 as a director while Gautam worked with uncle Lalit Mohan Thapar of Ballarpur Industries Limited (BILT). In 2005, Lalit Mohan handed control of BILT to Gautam. The same year, MF records show, Gautam and Karan set up a private foundation each in Panama.

Materials and Mining

Adani grow STRONG in COAL - New Modi Era - Connected Billionaires Seed Next Overseas Fortunes

Adani brother set up firm in Bahamas, a request to change name to Shah. Months after the formation of the Adani Group’s flagship company Adani Exports Limited — now Adani Enterprises Limited — in 1993, industrialist Gautam Adani’s elder brother Vinod Shantilal Shah Adani set up a company in the Bahamas in January 1994. Vinod looks after the Adani Group’s overseas operations and his son Pranav is a director of Adani Enterprises Limited. Corporate service provider Mossack Fonseca’s records, accessed by The Indian Express, show that GA International Inc was incorporated in the Bahamas by Vinod S Adani on January 4, 1994.

Adani Group, Gautam Adani, Default Re 0.96T - heavy BJP supporters

  • Strongly aligned and benefits from BJP connections

Founded by Gautam Adani, the company does business in logistics, agribusiness and energy sectors, among other things. The founder is known to be close to Prime Minister Narendra Modi, probably due to their shared origins in Gujarat. His company has defaulted on Rs 96,031 crore of the banks’ money.

Tatas - Ratan Tata - Infighting but no PSB Looting!

Iron, Coal and Steel Industry - tons of Overseas Invoicing possible

Sushila, Prerna and Gaurav Chopra Offshore entities: Jelenta Investments Limited, Zenith Metallik Alloys Limited Location: BVI The three Chopras have been shareholders of Jelenta Investments Limited since the company was set up in the British Virgin Islands (BVI) on April 9, 2010. Jelenta Investments Limited (BVI), in turn, is the shareholder of Zenith Metallik Alloys Limited, set up in the BVI on April 11, 2012. Records of both companies are kept in Hong Kong.

Uday Pratap Singh was a shareholder of Steel Engineering Limited, a company incorporated in the British Virgin Islands on July 19, 2007. One Umesh Somani held all 1,000 shares of the company since its incorporation. The shares were transferred to Uday Pratap Singh in 2011. Steel Engineering Limited (BVI) was struck off on April 30, 2012, according to the MF papers.

Sylvia Fay Bhatia & Alok Bhatia Overseas entities: Hazelwood Enterprises Limited, Others Location: British Virgin Islands. Mossack Fonseca documents show that Sylvia Fay Bhatia owns at least five companies in the British Virgin Islands either herself or with her husband Alok Bhatia. The address given is of Saket, New Delhi. Sylvia is the daughter of Australian mining billionaire Chris Wallin.

Monnet Ispat & Energy, Sandeep Kanodia, Re 0.12 T

Jaypee Group - Manoj Gaur - Mayawati UP sponsored Re 0.75 T

Run by Manoj Gaur, the company is said to have flourished well in Former Chief Minister Mayawati’s reign in Uttar Pradesh. His company has cost the banks Rs 75,163 crore.

Bhusan Power & Steel, Brij Bhushan Singhal, Re 0.37 T

GVK Group,GVK Reddy, ?AP sponsors, Re 0.34T

The GVK group in a large Indian conglomerate founded by Gunupati Venkata Krishna Reddy. The company has business interests in the energy sector, hospitality industry, infrastructure and life science. The total amount of money owed by the company is Rs 33,933 crore.

JW Steel Group, Sajjan Jindal - Modi/BJP Political Broker - Re 0.5 T default

The steel giant was founded by Sajjan Jindal who also the Chairman of the company. He is known to have organised a meeting between Prime Minister Narendra Modi and his Pakistani counterpart, Nawaz Sharif. His company, on the other hand, has a debt of Rs 58,171 crore on its balance sheet.

Electrosteel Steels, Umang Kejriwal, Re 0.1 T

Energy, Oil and Gas and Alternative

OIL Mukesh Ambani RICHEST in Asia - strongly supported Modi

  • esp. pushing Jio to become a Monopoly by nearly destroying competition under TRAI/AGR

Power - Lanco Group, L Rao, Re 0.47T owed to banks

Lagadapati Madhusudan Rao’s company is in the construction and power (solar and thermal) business. As per the report, he owes Rs 47,102 crore the banks.

Solar Cell - Huge Imports, License to Stash Money Abroad

Ankita Sehgal & Nimitt Rai Tiwari Overseas entity: Suncell Holding SA Location: British Virgin Islands, Nimitt Rai Tiwari and Ankita Sehgal, husband and wife, together owned Suncell Holding SA incorporated in the British Virgin Islands on September 16, 2011. From the day the company was formed, show Mossack Fonseca documents, they held 25,000 shares each in Suncell Holding — which issued a power of attorney to Nimitt on September 29, 2011. The two married in November 2011.

DEFENSE Is Big Business

Congress led Arms Merchants - Khemkas

  • Also, their offshore entities were set up to manage commercial property in London and that it was being managed and controlled by directors in Jersey.
  • Nand Lal was strongly connected to the Sonia Gandhi led congress as he has been the Consul General for Jamaica and Iceland in India
  • Shiv Vikram Khemka a board member of Vertolety Rossii AO, the Russian company.
  • The Khemka family claimed that their “source of income” was commissions earned on trade activities mainly between Russia and India; return and capital growth of global investments in property, public equity, private equity, mutual fund and other sectors; and, investments in Russia primarily in the confectionery, dry cereal and brewing sectors.
  • Arms merchants? Interestingly the SUN group Khemkas are linked to a Russian helicopter manufacturer that was placed on a sanctions list by the US in 2015.

  • Second largest firm in Paradise Papers data surfaces in new cache from Panama | India News,The Indian Express

Banking, NBFC Scams

Yes Bank

Banking: Global PE, Investment - Very Opaque and Subject to Tax Avoidance

Gautam Seengal Offshore entity: Jeff Morgan Capital Ltd, BVI An investment management and IT consultant based in Panchkula, Gautam Seengal introduced himself to MF staff as head of a “leading conglomerate with interests in infrastructure, information technology, hospitality and financial services”. Records show he claimed that he was linked to a $400 million private equity fund. Besides registering two offshore entities in his name, he solicited advice for opening others for his clients.

Telecom Industry

JIO - massive monopoly support by BJP and blocking competition

Vodaphone acquired Birla's Idea with Mutual fund and debt funds which it is defaulting

Anil Ambani Camp - Strong Congress connections - Re 1.25 T highest defaults to PSUs

Reliance Group: Anil Ambani-led Reliance Group operates in the power sector and the entertainment business. It also has business interests in insurance, wealth management and telecommunication sector. The Reliance-group owes the banks, Rs 1.25 T, the largest amount owed by any company, according to the report.


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