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WHITE COLLAR JOURNAL Money Laundering in the Agusta Westland Chopper Deal Engineer-In-Chief of Noida Authority Raided by Income Tax

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WHITE COLLAR JOURNAL Money Laundering in the Agusta Westland Chopper Deal Engineer-In-Chief of Noida Authority Raided by Income Tax DECEMBER 2014 Special points of interest: Engineer-in-Chief of Noida Authority raided by Income Tax Department Enforcement Directorate files chargesheet for WHITE COLLAR JOURNAL money laundering in the Agusta Westland chopper deal Engineer-in-Chief of Noida Authority raided by Income Tax Money laundering Department charges framed against Yadav Singh, Engineer-in-Chief at the 5% as commission on every government con- several accused of 2G Noida Authority, which administers and tract that he awarded to a contractor. On many spectrum case manages the city of Noida, part of the na- instances, it is alleged that Singh used to seal tional capital region of Delhi and a major the deals without even issuance of any tender, CBI files charge-sheet hub for multinational firms, is alleged to thus flouting the prevailing laws and regula- against Jharkhand’s ex- have been involved in irregularities worth tions. Revenue Minister in a over INR 10 billion (approximately USD disproportionate assets 166.7 million). The Income Tax Department, in a raid at case. Singh’s residence, found cash worth INR 100 Earlier in November this year, the Income million (approximately USD 1.66 million) , Satyam founder chairman, Tax Department raided the residence and diamond and gold jewelry of around 2 kilo- ex-independent directors other premises of Yadav Singh and un- grams and various incriminating documents convicted for violations of earthed details of 40 fake companies running which indicate that Singh illegally owns prop- various provisions of the under his wife’s name. erty worth INR 10 billion (approximately Companies Act, 1956 USD 166.7 million). It is alleged that Singh’s wife’s company, SEBI and ED crackdown Meenu Creation Private Limited and Further investigation in this case is ongoing, on Rose Valley for al- McConn Infra Private Limited, which claim and it is expected that Singh may be soon leged money laundering to be in the business of exports and imports charged for tax evasion, money laundering, and running collective of garments, were actually involved in buy- and corruption. This case is also being moni- investment schemes ing land at throwaway prices and selling tored by the Special Investigating Team them at prevailing market rates. Yadav Singh (“SIT”) and the Enforcement Directorate. SIT allegedly abused his official power to allot is an investigating team constituted in 2014 by land to his wife’s companies at a throwaway the Government of India under the direction of price. the Supreme Court of India to unearth black It is also alleged that Singh used to charge money held by Indians. Enforcement Directorate files charge-sheet for money laundering in the AgustaWestland chopper deal The Enforcement Directorate (“ED”) has bribes amounting to INR 3.6 billion filed the charge sheet against businessman (approximately USD 60 million) from Unit No 5B, Fifth Floor, Gautam Khaitan and others, including two AgustaWestland for award of a contract for Hotel J W Marriott, Aerocity, Italian nationals, in connection with its the supply of 12 AgustaWestland AW101 New Delhi—110037, India. money laundering probe in the INR 36 bil- helicopters worth INR 36 billion Tel: 91-11-41954195 lion (approximately USD 600 million) (approximately USD 600 million). Fax: 91-11-41954196 AgustaWestland VVIP chopper deal. The charge sheet has been filed by ED for The charge sheet relates to the supply of 12 offences under the Prevention of Money CONTACT: For additional VVIP helicopters by the UK based Laundering Act. It is alleged that Khaitan was information, please contact: AgustaWestland International Limited to the on the board of Chandigarh-based Aeromatrix Srijoy Das, Partner at Indian Air Force in 2010. Info Solutions Private Limited, the company [email protected] and involved in the financial dealings of the chop- Anup Kumar, Associate at It has been alleged that several Indian politi- per deal. Khaitan is alleged to have been in- [email protected] cians and Indian military officials accepted volved in helping AgustaWestland route the DECEMBER 2014 Copyright © ARCHER & ANGEL, 2014 bribe money from abroad to India. Khaitan is the first per- four other companies, namely – UK based AgustaWestland, son to be arrested in the AgustaWestland chopper case. Finmeccanica- the Italy based parent company of AugstaWest- land, Chandigarh (India) based IDS Infotech Limited and This case was first reported by the Italian probing agencies Aeromatrix Info Solutions Private limited. It is alleged that based on which the Central Bureau of Investigation (“CBI”) IDS Infotech received series of payments against the fake soft- began its investigation in February 2013 under the instruc- ware vouchers, which were used to pay kick-backs. The ED tion of Government of India. In March 2013, CBI filed a started a parallel investigation of this case under the provisions First Information Report (FIR) against 13 persons, includ- of the Prevention of Money Laundering Act, 2002. The inves- ing one former Indian Air Force Chief. The FIR also named tigations by CBI and ED are ongoing. Money laundering charges framed against several accused of 2G spectrum case A Special Court hearing the 2G spectrum allocation case Comptroller and Auditor General of India. has framed charges under the Prevention of Money Laun- The 2G case is also being investigated by the Central Bureau dering Act, 2002 against 19 accused (10 individuals and 9 of Investigation (“CBI”) and the Income Tax Department. In companies), including the former union telecom minister A a joint investigation report prepared by the CBI and the In- Raja. come Tax Department, it is alleged that A. Raja could have received INR 30 billion (approximately USD 490 million) as Charges of money laundering have been framed against the bribes. The allegation is that he used bank accounts under his accused by a Special Court based on the charge sheet filed wife's name in Mauritius and Seychelles to channel the kick- by the Enforcement Directorate (“ED”). backs. The ED, in its charge sheet, has alleged that the accused were involved in transactions which were not genuine and It is alleged that ex-union Minister of Telecom and several involved bribes for grant of telecom licences. other government officials violated various laws and regula- tions while awarding 2G spectrum licenses to several firms in As per the Special Court, there is enough material on record lieu of kickbacks. The audit report of Comptroller and Auditor which makes out a prima facie case against all the accused General of India says that several licenses were issued to firms who were charge sheeted by ED in April 2014 for offences with no prior experience in the telecom sector or those which relating to money laundering. were ineligible or had suppressed relevant facts. Companies like, Unitech and Swan Telecom obtained licenses without It is also alleged by ED that Kalaignar TV Private Limited, any telecom experience. It is also alleged that A Raja brought which is owned by a member of Parliament, had received forward the cut-off date for applications for spectrum from the INR 2 billion (approximately USD 33.33 million) as illegal initial 1 October 2007 to 25 September 2007. The deadline gratification from DB Realty Limited, the group company switch eliminated many applications, enabling Raja to favour of Swam Telecom Private Limited, which had been illegally certain companies in spectrum allocation. It is relevant to note allocated 2G spectrum licences in connivance with the ex- here that the present charges framed by the Special Court are Union Telecom Minister A Raja and officers of the minis- with respect to money laundering and is based on the charge try. sheet filed by ED under the Prevention of Money Laundering Act, 2002. The CBI and the Income Tax Department are sepa- The 2G spectrum case involves politicians and officials of rately investigating this case and have already filed a charged the Government illegally undercharging mobile telephone sheet for offences such as criminal breach of trust, forgery, companies for frequency allocation licenses. The shortfall criminal conspiracy, and accepting illegal gratification under between the money collected and the money that the law the Prevention of Corruption Act, 1988. If convicted for of- mandated to be collected is estimated to be INR 1766.45 fences of money laundering based on the charges framed by billion (approximately USD 29 billion), as valued by the ED, the accused may be imprisoned for up to 7 years. CBI files charge-sheet against Jharkhand’s ex-Revenue Minister in a disproportionate assets case. The Central Bureau of Investigation (“CBI”) has filed a Revenue, Land Reforms & Co-operatives, on the orders of the charge sheet against an ex-Minister of Revenue, Land Re- Jharkhand High Court. It is alleged that the accused minister forms & Co-operatives, Government of Jharkhand under the was in possession of disproportionate assets as a result of cor- Prevention Corruption of Act, 1988 for possession of assets ruption and tax evasion. During investigations, it was found disproportionate to his known sources of income to the ex- that the assets allegedly acquired by the accused minister dur- tent of INR 10.3 million (approximately 0.17 million) dur- ing period in question were in the form of land, vehicles, bank ing the period March 2005 to September 2009. A case was balance, fixed deposits etc. in his own name and in the name registered against the ex-legislator and then Minister of of his family members. DECEMBER 2014 Copyright © ARCHER & ANGEL, 2014 Satyam founder chairman, ex-independent directors convicted for violations of various provisions of the Companies Act, 1956 A Special Economic Offences Wing Court (“SEOW Court”) India’s fourth largest information technology company, offer- in Hyderabad convicted B Ramalinga Raju, the former chair- ing services to various clients from various sectors across the man of erstwhile Satyam Computer Services Limited (now globe, including many Fortune 500 companies.
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