Peter-Indrani Siphoned 90 Mn Pounds Through Hawala Transactions?

The ED grilled Indrani Mukerjea in prison over alleged money laundering.

(Photo: PTI)

Peter Mukerjea and his wife Indrani Mukerjea, prime suspects in the Sheena Bora murder case, allegedly siphoned 90 million pounds to foreign accounts using Hawala transactions, the Enforcement Directorate (ED) told the CBI court in an application. The ED, in May 2017, had filed a case against P Chidambaram’s son Karti Chidambaram, INX media, and its directors Peter and Indrani after a CBI FIR against them.

It was alleged that Karti Chidambaram had received money from INX Media for using his influence to manipulate a tax probe against it in a case of violation of Foreign Investment Promotion Board conditions to receive investment from Mauritius.

The ED on 24 November grilled Indrani in prison after the CBI court granted permission on 23 November to question her. The second session of questioning is scheduled for 6 December.

As reported by Mumbai Mirror, the ED said that that the company in its application sought permission for issuing the shares at its face value of Rs 10 each. The company also mentioned its intention, subject to provisions of applicable laws, to make downstream financial investment to the extent of 26 percent of the issued and outstanding equity share capital in INX News.

The INX News by deliberately concealing the fact that they had already received the investment to the extent of 26 percent, including FDI, in pursuance to criminal conspiracy again approached the (Foreign Investment Promotion Board) FIPB unit and sought permission for the downstream investment

The ED application said, as reported by <i>Mumbai Mirror</i>

The application said that it suspected that illicit funds generated by Peter and Indrani have been siphoned off to unknown overseas destinations and routed back in UK and India through Mauritius-based foreign investors. ED said that it was also revealed that the Rabin, son of Peter from earlier marriage, has the funds of Peter and Indrani held in the form of bonds in New Zealand.

It is suspected that Mr Rabin has ownership/associations of three bank accounts in Royal Bank of Scotland and accounts in ANZ Bank. Rabin, Grant Central Entertainment, Peter and Indrani have laundered money and are involved in financial transactions in UK connected with illicit funds generated in India

The ED application said, as reported by Mumbai Mirror

ED also said that the FIPB permitted INX Media to receive Rs 46.2 million, but the company actually got Rs 3,053.6 million between August 2007 and May 2008 making excess foreign exchange equivalent to Rs 3,004.4 million beyond the disclosed and permitted foreign investment.

It is said to have received by INX Media from 3 Mauritius- based foreign investors. The ED said that the transactions and funds do not look either bona fide or genuine. The ED also noted that the murder of Sheena Bora, Indrani Mukerjea's daughter from earlier relationship, was suspected to be motivated by financial reasons.

(With inputs from PTI and Mumbai Mirror)

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