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Peter Mukerjea’s son too laundered money, ED tells court

ED suspects Rabin has “ownership/association of three bank accounts in Royal Bank of Scotland and accounts in ANZ Bank”.

Peter Mukrejea money laundering case The court has directed the superintendent of Byculla women’s jail, where Indrani is lodged, to allow the investigating officer to examine her on November 24 and December 6. (Representational Image) 

THE ENFORCEMENT Directorate has said INX co-founder Peter Mukerjea’s son Rabin has allegedly laundered money along with him and others. The claim was made by the ED in its application filed before the special CBI court Thursday, seeking permission to examine Indrani Mukerjea in connection with the financial transactions made in INX Media Private Limited. The ED has also said Indrani and Peter allegedly siphoned off 90 million pounds through hawala, gained through an excess of foreign exchange equivalent of Rs 3007.4 million beyond the disclosed and permitted foreign investment received by INX Media from three Mauritius-based investors.

“It is suspected that illicit funds generated by Peter Mukerjea and Indrani Mukerjea have been siphoned off to overseas unknown destinations and routed back in UK and India through Mauritius based foreign investors. It is also revealed during the investigation that Mr. Rabin Mukerjea (son of Peter) is handing the funds of Mr. Peter and Indrani Mukerjea which were held in the form of bonds in New Zealand,” the application states. It further states that the agency suspects Rabin has “ownership/association of three bank accounts in Royal Bank of Scotland and accounts in ANZ Bank”.

“Mr. Rabin Mukerjea, the company Grant Central Entertainment, Peter and Indrani and others have laundered money and are involved in financial transactions in UK connected with the illicit funds generated in India,” the application adds. The CBI had in May 2017 filed an FIR naming INX Media through Indrani, INX News through Peter, Karti P Chidambaram and others for commission of offences including criminal conspiracy and cheating along with sections of the Prevention of Corruption Act. The CBI states that INX Media Private Limited was incorporated in 2006 under the provisions of the Companies Act in Mumbai.

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The ED claims that the company approached the chairman of Foreign Investment Promotion Board, Department of Economic Affairs, Ministry of Finance, in 2007 seeking its approval for permission to issue by way of preferential allotment of equity shares. It further states this approval was sought to engage in the business of creating, operating, managing and broadcasting of bouquet of TV channels.

The ED has further said in its application that the company deliberately concealed that it had sought permission for issuing shares at its face value of Rs 10 each and also intended to make downstream financial investment to the extent of Rs 26 per cent of issued and outstanding Equity Share Capital in INX News.

Festive offer

“Such deceitful and fallacious proposal was favourably considered by officials of Ministry of Finance and approved by the then Finance Minister. The concurrence to the proposal investment which had already been made without the approval of the Finance Ministry show malafide and dishonest intention on part of officials of ministry…” the application states. It says the ministry did not take any punitive action against the proven violation by INX and covered the illegality by seeking an application from the company and granting it permission to the company as if it was yet to receive the foreign investment.

Special Judge J C Jagdale observed that considering the facts and provisions in view of the provisions under Section 50 of the Prevention of Money Laundering Act, it would not be proper to reject the ED’s application to examine Indrani. The court has directed the superintendent of Byculla women’s jail, where Indrani is lodged, to allow the investigating officer to examine her on November 24 and December 6. The ED had earlier sought permission to interrogate Indrani in custody, which was deferred by the special CBI court.

First uploaded on: 24-11-2017 at 02:28 IST
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