Bungalow, foreign funds seized by IT department in probe against Kamal Nath's nephew
New Delhi: A bungalow valued at Rs 300 crore belonging to Ratul Puri, nephew of Madhya Pradesh CM Kamal Nath, has been seized by the Income Tax Department under the anti-Benami law. Foreign funds amounting to USD 40 million have also been seized by the tax department.
The bungalow is registered in the name of Moser Baer, a firm promoted by Deepak Puri who happens to be the father of Ratul Puri.
The tax department raided Ratul Puri’s companies in April and claimed to have founded documents of illegal transactions and tax evasion worth Rs 1,350 crore. The proceedings under anti-Benami law were initiated after this information was unearthed.
NDTV reported sources to have said that unsecured loans to the tune of Rs 370 crore have also been founded.
“The immovable property at APJ Abdul Kalam Road was purchased utilising a foreign direct investment of USD three million from a British Virgin Islands based shell company, Bronson Financial Inc. on a long-term basis for the purpose of software development in 2002," the income tax department said in a statement, quoted by news agency PTI.
“Instead, entire FDI was diverted for acquisition of house for use by promoters Ratul Puri and his family. The market value of this property is estimated to be more than Rs. 300 crore," it said.
The FDI of USD 40 million was invested by a Bermuda-based firm Pangea Emerging Infrastructure Fund Ltd. in Cobol Technologies Pvt. Ltd. of father-son duo.
Ratul Puri is under investigation by the Enforcement Directorate on charges of Money Laundering in the AgustaWestland VVIP chopper case.
A Delhi court on Friday issued a non-bailable warrant against Ratul Puri, after the probe agency told the court that he was non-cooperative and untraceable.
Last month, Income Tax department had attached Rs 254 crore worth of "benami" or proxy-owned equity of Ratul Puri which he had allegedly received from a suspect in the AgustaWestland VVIP chopper case via shell companies, officials were quoted as saying by PTI.
