Noticing an indictment filed by the Enforcement Directorate (ED) against arms dealer Sanjay Bhandari, companies controlled by him and his associates, a Special Court has instructed the agency to expedite his pending extradition to the Kingdom United.
The ED case is based on a complaint filed by the Income Tax Department under the Black Money Act (Foreign Revenue and Undeclared Assets) and the Tax Setting Act, 2015. It is alleged that Mr. Bhandari had collected the assets of get bad overseas to avoid taxes
According to the agency, Mr. Bhandari owned assets in various foreign jurisdictions and had established numerous units in the UAE. He also had financial interests in an entity registered in Panama. Foreign assets have not been disclosed to the Income Tax authorities.
ED claims that Mr. Bhandari changed his stock model in overseas companies, including Offset India Solutions FZC (later renamed Offset Solutions FZE), Santech International FZC and Shamlan Gros-1 INC.
Defendant held a foreign bank account in the name of Serra Dues Technologies, whose share capital was allegedly held by Wenham Major Limited as custodian, and was subsequently transferred to a WWFL World Wide Holdings Limited. He also owned a 33.3% stake in Petro Global Technologies Limited (UAE) and was the beneficial owner of Vertex Management Holdings Limited from December 2009 to November 2012, ED claims.
The agency has identified at least two undeclared assets in the UAE and London. Mr Bhandari was trying to predict that foreign assets would be held by him in loyal capacity as a trustee of the trust and to this end, the Alrahma Trust (UAE) was identified by his associates. The accused tried to change the structure of the trust with retrospective effect using forged documents.
Mr Bhandari had hired a Certified Public Accountant, Sanjeev Kapoor, also mentioned in the indictment, in whose example he first chose the UAE-based trust for asset management without disclosure. Mr Kapoor allegedly identified the Alrahma Trust through a client. He went to the UAE in July 2016 to meet with the column and coordinated the payment of the fee to make Mr Bhandari a guardian.
In February 2017, the Chartered Accountant met with Mr Bhandari and a Sumit Chadha in the UK for the same purpose, the agency claims.
Through a separate application, ED had previously asked the court to declare Mr. Bhandari a fugitive under the Fugitive Economic Fugitives Act. This will facilitate the confiscation of his assets if he does not appear in person to face legal proceedings.
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