Home States Tamilnadu I T finds benami property holdings of TN politicians

I T finds benami property holdings of TN politicians


(G.N.S) Dt. 06
The income tax department has unravelled a major money laundering racket and benami holdings of some TN politicians in the continuing searches on Sunil Khetpalia and Maneesh Parmar, promoters of Chennai-based Aadhi Enterprises Pvt Ltd, said highly placed I-T sources.
Following some earlier leads, I-T officials knocked on the doors of Edison Energy India Private Limited in Chennai for searches on Friday. Khetpalia, with an investment of Rs 30 crore, is one of the directors of the energy firm, incorporated in May 2015 with a paid up capital of Rs 5 crore, sources said. Another director of Edison is closely linked to a prominent AIADMK leader, who is under the scanner of many central agencies.
The duo had jolted Chennai realty market by acquiring 4.3 acre Firhaven Estate in MRC Nagar, owned by serial investor C Sivasankaran, for Rs 380 crore when the realty market was crawling back to normalcy in 2015. What raised hackles of the I-T sleuths was the meteoric growth of Aadhi as a business entity and its source of funds.
Aadhi, incorporated in 2014, did not have any history of business transaction, but received Rs 250 crore from Pacatolous Investments Ltd, a Mauritius firm, as FDI with RBI clearance for the acquisition of the land. “We have evidence that the investment from Mauritius was not a clean transaction,” said an official.
As I-T sleuths questioned Sivasankaran in connection with the land transaction, he said he was forced to sell the land to clear long-pending debts, said an official. Some political bigwigs were involved in the transaction and the money trail in the aftermath of the land sale is also being probed by the I-T, said the official. The I-T has frozen Aadhi’s bank account with Rs 70 crore deposit in it.
The acquisition spree of Khetpalia and Parmar did not end with Firhaven Estate. In October 2015, the duo eased out Chennai-based Landmark group from a 14-acre residential project development on Perambur Barracks Road and took over the project under a new banner, KLP Projects Private Limited. The two had invested Rs 20 crore each in the project and Edelweiss had funded Rs 250 crore as debt when Landmark purchased the property from Binny Mills in 2014, said I-T officials.
Sunil Khethpalia, a small-time financier from Rajasthan, shot to fame through liaising and fixing deals with politicians. “Many prominent people including some ministers in the 2011-16 cabinet are under our scanner for their business links with the duo,” said the official.

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