Fugitive trader Sanjay Bhandari, after fleeing the UK in 2016, met with certain people in London and tried to alienate (or transfer ownership) of his foreign assets and companies by creating obsolete documents on behalf of a trust in the UAE, according to the indictment filed by the Enforcement Directorate (ED) against him.
His Certified Accountant, Sanjeev Kapoor, even traveled to London in February 2017 along with Sumit Chadha to meet Bhandari and get his signatures on documents so that his assets could be linked to the trust, identified as the Alrahma Trust , adds the indictment.
A court in Delhi on Thursday recognized the indictment, filed by ED on June 1, and directed the anti-money laundering investigation agency to expedite extradition proceedings against Bhandari in the UK so he could be brought to justice. India to face trial. Bhandari is under investigation by numerous agencies – including ED, the Central Bureau of Investigation (CBI), the Revenue Tax Department and the Delhi Police for money laundering, foreign exchange violations, black money and official secrecy laws (he had access to security documents). He fled to the UK via Nepal in December 2016.
UK authorities arrested him on 15 July with India’s extradition request, after which he secured bail. A court in the United Kingdom has set June 7, 2021 as the date for the commencement of proceedings for Bhandari’s extradition. Proceedings to declare him a Fugitive Economic Offender (FEO) are also pending in an Indian court.
According to the ED tariff sheet, details of which were obtained from HT, Bhandari-related companies – including Offset India Solutions FZC, Santech International FZC and others – were receiving foreign revenue and foreign-owned assets. “Bhandari deliberately did not disclose his foreign income and assets to the Income Tax department, including the fact that he owned 1,17,000 dirhams worth of shares in Santech International,” the indictment states.
Unknown foreign properties such as those in C-303 Maurya Grandeur, Palm Jumeirahm, Dubai and 6 Grosvenor Hill Court, 15 Bourdon Street London were found to be in his name, the indictment added.
“Sanjay Bhandari tried to alienate these properties from those foreign assets owned by him and the company in which he is the beneficial owner and controlled by him by creating certain dated documents regarding a trust,” he added. .
ED says Bhandari was trying to use the trust structure in order to alienate his foreign assets and property to hide the proceeds of crime and to ensure that those foreign assets were held by him in the quality of trust as a guardian. of faith.
To that end, the Alrahma Trust in the UAE was identified, she said. Bhandari is also under scanner on suspicion of money laundering in connection with alleged properties linked to Congress President Sonia Gandhi Robert Vadra’s son-in-law in London, an investigation in which an NRI CC Thampi businessman was arrested by ED in January this year. Vadra, who was questioned by ED in May last year, has repeatedly denied all charges against him.
The CBI is also investigating Bhandari’s role in the Rs 2,895 crore deal to buy basic Pilatus training aircraft for the Indian Air Force in 2009. An Interpol red notice is also pending against him. The legal representatives of Bhandari, Kapoor and Chadha could not be found by HT.
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