Updated: September 21, 2020 6:47:07 am
In SARs filed with the US financial watchdog, FinCEN, a common name across all transactions is Mauritius-based Trans Global Minerals and Metals Corporation, which, according to the SARs, is a Cyprus incorporated company in 2006 with a registered address in Mauritius.
Three different Suspicious Activity Reports (SARs) filed by Deutsche Bank Trust Company Americas (DBTCA) regarding funds received and sent by Jindal Steel and Power Ltd (JSPL) point to a transaction pattern in which you sent money to companies based in Mauritius, Germany, and the United Kingdom, and received funding from companies based in Dubai and Switzerland in the same set of days, an investigation by The Indian Express Has revealed.
SARs show:
* Between November 24, 2014 and January 28, 2015, JSPL sent $ 1,799 million to Mauritius-based Trans Global Minerals and Metals Corporation (TGMM) and also sent $ 1.3 million to Germany-based Oceanwide Services GmbH. During the same period, JSPL received $ 1.323 million from Power Plant EPC Ltd., based in Dubai.
* In a similar set of transactions, between April 27, 2015 and June 1, 2015, as JSPL sent $ 4.53 million to TGMM and another $ 321,209 to Singapore-based Western Bulk Pte Ltd, the company received $ 2.48 million from Dubai-based EPC power plant within the same period.
* A year later, a similar transaction pattern was observed. Between June 23, 2016 and October 26, 2016, JSPL sent $ 9.48 million to TGMM; $ 1.83 million to Singapore-based CBMM Asia Pte Ltd between May and September 2016; $ 1.52 million to Navalmar (UK) Ltd between May 31 and October 24, 2016. And JSPL received $ 16.8 million from Switzerland-based Trans Global AG between June 27 and 21 July 2016.
In SARs filed with the US financial watchdog, FinCEN, a common name across all transactions is Mauritius-based Trans Global Minerals and Metals Corporation, which, according to the SARs, is a Cyprus incorporated company in 2006 with a registered address in Mauritius.
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Although the details of the transaction related to TGMM say that the payments were made for “handling charges, commission and payment towards the cargo ship MV EIPIS”, the company’s banker, Standard Bank Mauritius, told DBTCA that the main activity TGMM’s business is the participation of investments, international consulting and international trade.
Although the bank confirmed that the owner of the company is an Indian, Amit Gupta, with respect to a previous investigation, the bank said that TGMM had a broker-investor relationship with its clients and “the purpose of the payment instructions was the idle fund investment in the Australian stock market ”.
This does not square with JSPL’s claim that its transaction was for payments to Vessel MV EIPIS.
In fact, in the 2016 SAR, where TGMM is reported to have received $ 9.48 million from JSPL, the bank noted that “no line of business was observed.”
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Another company with a similar name was Switzerland-based Trans Global AG, from which JSPL received $ 16.8 million in 2016. According to the SAR, Trans Global AG is engaged in “Whole Agricultural Product Raw Materials”. When asked if there was any relationship between TGMM and Trans Global AG, a JSPL spokesperson said: “We are not aware of the relationship between these companies.”
“These are completely separate transactions … the amount received from Trans Global AG was against the export of iron ore pellets and the amount sent to TGMM was against the chartering of ships and the purchase of coal,” he said. the spokesperson.
While JSPL received around $ 3.8 million from Dubai-based Power Plant EPC, the bank noted that while no business lines were found, it was also unable to determine the details of the company. It said it had been unable to confirm the business purpose of the transactions through an independent investigation.
While Amit Gupta has been appointed owner of TGMM by its banker, Standard Bank Mauritius, a person with the same name also runs the office of Jindal Steel and Powers Oman. JSPL, in its response, said: “We asked Mr. Amit Gupta and he confirmed that he was not the owner of TGMM during the period 2014-2016.”
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In at least five SARs filed with FinCEN between November 2014 and November 2016, DBTCA reported that a total of $ 79.6 million was sent and received through 359 transactions by external originator / beneficiary Jindal Steel and Power Ltd .
While filing its RAS, DBTCA also stated that the RAS had come forward because “negative information” was found about Naveen Jindal, president of JSPL, who was on trial on charges of criminal breach of trust and conspiracy in a coal misallocation case. . in Jharkhand in 2008. Naveen Jindal also considers himself a politically exposed person, having been a member of Parliament.
He said that “due to current concerns about Naveen Jindal, DBTCA is submitting this SAR as a precaution. Additionally, the majority of transactions were processed on consecutive, alternate or closely grouped days across high-risk jurisdictions. “
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The JSPL spokesperson said: “The money sent to M / s Trans Global Minerals and Metals was for ocean freight and delay and other related charges only and not under any other heading. The Company has submitted all the relevant documents to the authorized distribution banks in question at the time of sending the respective remittance according to regulatory guidelines.
To our understanding TGMM, during that period, was in the ship charter / coal trading business and did not have any broker-investor relationship with us. JSPL did not have a direct relationship with TGMM and our transactions with TGMM are purely commercial transactions. We had received money from M / s Power Plant EPC against the supply of fabricated steel structures / steel / machinery equipment. “
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