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ED piles up evidence of money-laundering against the Bhujbal family

Speed News Desk | Updated on: 14 February 2017, 5:34 IST

In its remand report on Sameer Bhujbal, nephew of NCP leader Chhagan Bhujbal, who was arrested on Tuesday, the Enforcement Directorate (ED) alleged that the Bhujbals cost the Maharashtra exchequer Rs 870 crore by accepting cash to award projects to contractors, and then channelling this illegal cash into companies they controlled, reports the Hindustan Times.

The report also alleges that several companies that invested in firms promoted by the Bhujbal family did not exist, or were not available at the addresses assigned to them. As part of its investigations, the ED had probed the bank details of such companies including M/s Hingora Finvest Pvt Ltd, the largest holder of Parvesh Construction Pvt Ltd, which has Pankaj and Sameer Bhujbal as directors. In response, a private bank said that Hingora does not exist at its declared office and registered address, and in fact the addresses itself do not exist.

"This, it appears that the share purchasing entities were bogus entities and were used by the Bhujbals to channelize and integrate the tainted funds received by committing the criminal activities. These tainted funds appear to be laundered in the guise of equity subscription at unreasonably high premium with the help of operators and chartered accounts," said the ED in the report.

Other evidence against the Bhujbals includes recorded statements of the directors of companies allegedly promoted by the Bhujbals. Five such directors deposed that "the Bhujbals were the main controllers and actual owners of the said firms and that Sameer was the main person who decided all matters pertaining to the affairs of the companies controlled by the Bhujbals."



First published: 3 February 2016, 9:55 IST