Updated: November 18, 2020 6:44:07 am
Confronted with the documents the DE received from Mauricio, Saxena claimed they were “clever forgeries”, but admitted that he himself was a partner in investment deals through which the alleged payments were routed.
Public accountant Rajiv Saxena, key defendant in the AgustaWestland VVIP Helicopter Offer Case, has informed the Enforcement Directorate (ED) about the entities and investments through which part of the alleged bribes were routed, and that these also involved the defense trafficker Sushen Mohan Gupta and the nephew of the former chief minister of Madhya Pradesh Kamal Nath, Ratul Puri.
Currently on bail, Saxena was extradited from Dubai in January 2019 and was questioned by the DE, which attached his assets worth Rs 385 crore. The ED has filed an appeal in an attempt to strip Saxena of her approver status for allegedly failing to fully disclose the facts of the case.
His statement, which is over 1000 pages long (including supporting documents), shows him stating that his role was “tied to execution management and structures” for key actors such as Sushen Mohan Gupta, Ratul Puri and Gautam Khaitan.
But information received through Letters Rogatory from Italy and Mauritius shows that four of Saxena’s companies also received payments amounting to $ 0.94 million from the Global Services company of alleged intermediary Christian Michael, extradited to India in December. of 2018, Michel remains in jail, and that in June. 2000, Saxena himself acquired 99.9% of the shares of Interstellar Technologies.
Confronted with the documents the DE received from Mauricio, Saxena claimed they were “clever forgeries”, but admitted that he himself was a partner in investment deals through which the alleged payments were routed.
In the case of Sushen Mohan Gupta, Saxena told the ED that it made investments in two companies, DM Power and DM South India Hospitality.
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“Regarding the investment made by Matrix Group Limited (Saxena’s company), through its wholly owned subsidy Rigel Power Limited in Optima Infrastructure P Ltd in India, I can confirm that the funds received directly or indirectly from Interstellar Technologies Limited and FZC Global Services have flowed into this investment … a part of this investment was arranged by him (Ratul Puri) from Global Services FZC remittances that he did not know at the time had received funds from AgustaWestland, ”Saxena told ED .
The “investments” that Saxena detailed involved both Gupta and Puri and described them during questioning on October 9, 2019. He said the three discussed “various business proposals,” including one on trading solar panels for Moser projects. Power in which they would act as “intermediaries” between Moser Power and the suppliers. Saxena provided ED with a flow chart showing that their company Midas Metals Int Ltd acted as an intermediary entity.
The second joint venture that Saxena admitted was to “structure” an investment in Puri’s company, Optima Infrastructure Ltd, which was investing in a hydroelectric project.
“He (Ratul Puri) proposed that we establish a special purpose vehicle in Mauritius (a company called Rigel Power Limited, based in Mauritius) to invest in his Optima Infrastructure company, which was the vehicle that he invested in his downstream Hydro Power project. . The total investment was estimated at $ 50 million, of which we had to contribute $ 5 million. Mr. Puri mentioned that he would seek to attract private equity investments in the amount of $ 50 million, which is why he was in discussions with the main international institutions … the total value of the commercial agreements between Moser Power and Midas Metals during a period of two to six years would have been around $ 240 million, ”Saxena told the ED.
He said that “our” fee for the deal would be in the range of $ 1 million, but Moser Power was subsequently unable to obtain the proposed investments and payments to suppliers in China fell into default.
“As this default was not due to any act of ours, Moser Baer agreed to close the funding gaps to allow Midas Metals to fulfill its payment obligations … the payments were arranged by Moser Power’s finance team and we were informed that We would receive funds from different companies, but not from your account, which may be from hawala operators to offset liabilities. To date, due to the funds diverted for the investment in Rigel, we have an uncovered liability of more than $ 21 million, ”he said.
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To partially cover the deficit, in October 2014 an agreement was signed whereby the financial assets of Ratul Puri’s company, Equinox Ocean Holdings Limited, would be transferred to the Matrix Group.
Responding to questions from ED officials about whether large remittances were received for their business with Moser Power or Optima Infrastructure Pvt Ltd, Saxena said they “from time to time” received money from an offshore company called Pristine River. This is the company that Saxena claimed was “managed” for Bakul Nath, Kamal Nath’s son.
By the way, in the 62 pages of Ratul Puri accounts given to ED, there are four round figure payments made in 2014, totaling $ 20 million, and transferred to Pristine River with the name Nitin Bhatnagar written against them.
Bhatnagar was also questioned by the DE in New Delhi in early 2020. Saxena described him as someone who was introduced to him by Ratul Puri in 2013. According to Saxena, at the time Bhatnagar was the Managing Director of Bank J Safra Sarasin in Dubai, but later mounted your own real estate company. “Prior to this, Nitin Bhatnagar was Pristine River Investments Ltd’s relationship manager with the Bank of Singapore,” Saxena told ED.
In providing more information on the rotation of funds for its clients, Saxena said that even between 2011 and 2012, approximately $ 18 million had been paid to Pristine River, but “these funds returned to us in the amount of approximately $ 18 million, which again it was returned to them. then through Vera Development and Maceal Investments “.
He also told ED that the Monetary Authority of Singapore had raised “inquiries” on the source of funds for payments to Pristine River. During questioning, Saxena maintained that he did not know there was a “trust structure” behind Pristine River until the Emergency Department confronted him with documents last year.
Nitin Bhatnagar, when contacted for comment, said: “The questions posed and the answers sought are designed to prejudge and influence an ongoing investigation. I have participated and fully cooperated in the investigation. I was just a manager at Bank of Singapore and have been in Dubai for the last 18 years. I have nothing to do with the AgustaWestland case or with any of the defendants. The information requested from me has been released to the investigating agencies and I am advised not to interact with the media, as media reports of an ongoing investigation would clearly amount to interference in the administration of justice. “
Ratul Puri, through his lawyer Naveen Kapila, said: “You are hereby informed that all email sent by you belongs to Sh Rajiv Saxena… although it was previously declared Approver, but ED has submitted a Request to the Judge Ld’s special, seeking the cancellation of his approval, clearly showing that ED himself does not trust Sh Rajiv Saxena. In such a complex factual situation, leveling any allegation based on it or the context in which it was described to be reported will amount to misreporting and spreading falsehoods. “
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