The Income Tax Department on Sunday seized a Rs 300-crore bungalow under the anti-benami transactions law in its investigation into businessman Ratul Puri, the nephew of Madhya Pradesh Chief Minister Kamal Nath. It also attached Foreign Direct Investments worth Rs 4 crore, PTI reported.
The bungalow on APJ Abdul Kalam Marg in New Delhi is in the name of a firm of the Moser Baer group, owned and promoted by Ratul Puri’s father Deepak Puri. “The immovable property at APJ Abdul Kalam Road was purchased utilising a foreign direct investment of USD 3 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,” PTI quoted a statement from the Income Tax Department as saying.
“Instead, entire FDI was diverted for acquisition of house for use by promoters Ratul Puri and his family,” the statement added. “The market value of this property is estimated to be more than Rs. 300 crore.”
Pangea Emerging Infrastructure Fund Ltd, a Bermuda-based company, had invested in Cobol Technologies Private Limited, owned by Deepak and Ratul Puri, the tax department added. Commissions received from defence contracts were routed through the firm using a web of shell companies, to tax havens abroad, the department added.
The Enforcement Directorate is also investigating Ratul Puri for his alleged involvement in the AgustaWestland chopper scam. On August 9, a Delhi court issued a non-bailable warrant against Ratul Puri after he failed to appear for interrogation before the Enforcement Directorate.
During proceedings last month, the Enforcement Directorate had told Special Judge Kumar that Puri had received money transacted during the scam.