In a significant development, the Income Tax (I-T) Department conducted raids on Wednesday on shell companies in multiple cities, including Mumbai, Delhi, Kolkata, Lucknow, and Uttar Pradesh. These companies are allegedly linked to Nandkishore Chaturvedi, an absconding accused involved in hawala transactions, money laundering, and the creation of numerous shell companies.
Raids on Shell Companies Across Multiple Cities
The I-T Department targeted shell companies in Mumbai, Delhi, Kolkata, Lucknow, and Uttar Pradesh during the recent raids. These companies are suspected to be associated with Nandkishore Chaturvedi, who is accused of engaging in illicit activities such as hawala transactions, money laundering, and the establishment of shell companies.
Alleged Unsecured Loans to Shridhar Patankar's Firms
According to officials, Nandkishore Chaturvedi's shell company, Humsafar Dealers Pvt Ltd, allegedly provided unsecured loans to firms owned and controlled by Shridhar Patankar, the brother-in-law of Uddhav Thackeray. This revelation adds another layer to the ongoing investigation surrounding Chaturvedi's activities. Nandkishore Chaturvedi's involvement came to light during an investigation conducted by the Enforcement Directorate (ED) into the Mumbai-based firm, Pushpak Bullion, after the demonetization drive in 2016. This drive had resulted in the laundering of political funds, raising concerns about illicit financial activities.
Multi-Agency Probe into Chaturvedi's Alleged Money Laundering Scheme: Chaturvedi, who is a Chartered Accountant, is now under investigation by multiple agencies for his alleged role in laundering stocks, derivatives, and share premiums. An intricate network of nearly 150 shell companies, predominantly headquartered in Kolkata, is believed to be associated with Chaturvedi's illicit operations. Authorities have revealed that profits obtained from Chaturvedi's transactions were invested in assets across multiple cities in Uttar Pradesh, as well as in Delhi, Mumbai, Pune, and Hyderabad. This suggests a wide-ranging operation involving the diversion of illicit funds into various properties and assets.
Elusive Chaturvedi
Despite being summoned on multiple occasions by the ED in a money laundering case, Nandkishore Chaturvedi has managed to evade authorities. Officials have been unable to locate him at his residence or offices, raising questions about his whereabouts and adding further complexity to the ongoing investigation.
Seizure of Patankar's Residential Flats
In connection with the Pushpak Bullion money laundering case, the ED has attached 11 residential flats owned by Shridhar Patankar, the brother-in-law of CM Uddhav Thackeray. The ED has identified Nandkishore Chaturvedi as a key player in the case, alleging that his shell company, Humsafar Dealers Pvt Ltd, provided an unsecured loan to a firm owned and controlled by Patankar.
Previous Actions, Allegations and Intensive Scrutiny
The ED had previously launched a probe into Pushpak Bullion and its affiliated companies, resulting in the arrest of Chandrakant Patel in 2017. Patel was allegedly involved in purchasing a significant amount of gold with laundered funds during the post-demonetization period. Chaturvedi's shell companies have come under intense scrutiny due to their alleged involvement in large-scale black money laundering operations and suspected tax evasion amounting to crores. These revelations have sparked further controversy, with BJP leader Kirit Somaiya accusing Nandkishore Chaturvedi of taking over companies associated with or incorporated by Aaditya Thackeray, a prominent leader of the Shiv Sena (UBT).
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