Contracted bookkeeper Rajiv Saxena, key blamed in the Agusta Westland VVIP chopper bargain case, has told the Enforcement Directorate (ED) about the elements and ventures through which a piece of the supposed payoffs was steered, and that these likewise elaborate safeguard seller Sushen Mohan Gupta and previous Madhya Pradesh Chief Minister Kamal Nath’s nephew Ratul Puri.
At present on bail, Saxena was removed from Dubai in January 2019 and was questioned by the ED which connected his resources worth Rs 385 crore. The ED has now documented an allure in an offer to strip Saxena of his approver status for purportedly not completely unveiling the current realities of the case.
His assertion, running more than 1000 pages (counting supporting reports), show him guaranteeing that his job was “restricted to the structures and dealing with the execution” for central participants like Sushen Mohan Gupta, Ratul Puri, and Gautam Khaitan.
However, data got through Letters Rogatory from Italy and Mauritius show that four of Saxena’s organizations additionally got installments as much as $0.94 million from supposed agent Christian Michael’s organization Global Services – removed to India in December 2018, Michel stays in prison – and that in June 2000, Saxena himself procured 99.9% shareholding of Interstellar Technologies.
Faced with reports that the ED got from Mauritius, Saxena guaranteed they were “smart falsifications” however proceeded to concede that he when all is said and done, was an accomplice in venture bargains through which the supposed adjustments were steered.
On account of Sushen Mohan Gupta, Saxena told the ED that he made interests in two organizations, DM Power and DM South India Hospitality.
“As respects the speculation made by Matrix Group Limited (Saxena’s organization), through its completely possessed sponsorship Rigel Power Limited into Optima Infrastructure P Ltd in India, I can affirm that subsidizes got legitimately or by implication from Interstellar Technologies Limited and Global administrations FZC have streamed into this venture… a portion of this speculation was orchestrated by him (Ratul Puri) from settlements from Global Services FZC which I was unconscious around then had gotten assets from AgustaWestland,” Saxena told the ED.
The “ventures” that Saxena point by point included both Gupta and Puri and he portrayed them during his cross-examination on October 9, 2019. He said them three examined “different business suggestions” remembering one for exchange sun oriented boards for ventures of Moser Power wherein they were to go about as “middle person” between Moser Power and the providers. Saxena gave the ED a stream graph, indicating his organization Midas Metals Int Ltd went about as the delegate substance.
The subsequent joint endeavor Saxena confessed to was to “structure” an interest in Puri’s organization, Optima Infrastructure Ltd, which was making an interest in a hydropower venture.
“He (Ratul Puri) proposed we set up a unique reason vehicle in Mauritius (an organization called Rigel Power Limited, situated in Mauritius) to put resources into his organization Optima Infrastructure which was the vehicle putting resources into his downstream Hydro Power venture. The all-out venture was assessed at $50 million, of which we were to placed in $5 million. Mr. Puri referenced that he would try to pull in private value speculation for the amount of $50 million for which he was in conversations with significant global establishments… the complete estimation of the economic alliance between Moser Power and Midas Metals over a time of two to six years would have been around $240 million,” Saxena told the ED.
He said “our” charge for the arrangement was to be in the scope of $1 million yet in this manner, Moser Power neglected to get the proposed ventures, and installments to providers in China slipped into default.
“As this default was not because of any demonstration of our own, Moser Baer consented to connect the holes in the subsidizing to empower Midas Metals to finish their installment commitments… installments were coordinated by the money group of Moser Power and we were educated that we would get assets from various organizations however not from their record which might be from hawala administrators to clear the liabilities. To date, because of assets redirected for the interest in Rigel, we have a revealed obligation in an overabundance of $21 million,” he said.
To somewhat cover the deficiency, an arrangement was endorsed in October 2014 by which money related resources of Ratul Puri’s organization, Equinox Ocean Holdings Limited, would be moved to the Matrix Group.
Reacting to inquiries from ED authorities on whether any huge settlements were gotten for his business with Moser Power or Optima Infrastructure Pvt Ltd, Saxena said “every now and then” they got cash from a seaward organization called Pristine River. This is the organization Saxena asserted was “oversaw” for Bakul Nath, Kamal Nath’s child.
By chance, in the 62 pages of records of Ratul Puri given to ED, there are four round figure installments made in 2014 — totaling $20 million – and moved into Pristine River with the name Nitin Bhatnagar composed against them.
Bhatnagar was likewise addressed by the ED in New Delhi in mid-2020. He was depicted by Saxena as somebody acquainted with him by Ratul Puri in 2013. As per Saxena, around then Bhatnagar was the Managing Director of Bank J Safra Sarasin in Dubai yet later set up his own land organization. “Preceding this, Nitin Bhatnagar was the relationship chief of Pristine River Investments Ltd with the Bank of Singapore,” Saxena told the ED.
Giving more data on the turn of assets for his customers, Saxena said even somewhere in the range of 2011 and 2012, roughly $18 million had been paid to Pristine River yet “these assets returned to us adding up to around $18 million which was by and by repaid to them later through Vera Development and Maceal Investments.”
He likewise disclosed to ED that the Monetary Authority of Singapore had raised “questions” about the wellspring of assets for installments to Pristine River. During addressing, Saxena kept up he was uninformed that there was a “trust structure” behind Pristine River until he was gone up against with records by the ED a year ago.
Gone after remarks, Nitin Bhatnagar stated: “The inquiries raised and answers looked for are intended to bias and impact an on-going examination. I have completely taken an interest and coordinated in the examination. I was just a chief in the Bank of Singapore and have been situated in Dubai for last more than 18 years. I don’t have anything to do at all with the AgustaWestland case or any of the blamed. Data looked for from me has been given to the exploring offices and am prompted not to associate with the media since media reportage of an on-going examination would unmistakably add up to obstruction in the organization of equity.”
Ratul Puri, through his legal advisor Naveen Kapila, stated: “You are thus educated that the whole email sent by you relates to Sh Rajiv Saxena… however he has prior announced an Approver, yet the ED has itself documented an Application under the steady gaze of the Ld Special Judge, looking for retraction of his approvers, obviously demonstrating that the ED itself doesn’t confide in Sh Rajiv Saxena. In such a perplexing actuality circumstance, leveling any charges by depending upon him or in the setting wherein it was portrayed to be accounted for, will add up to distorting and spreading misrepresentation.”
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