Indians in Tax Haven II

Oct 17 2013, 01:04 IST
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SummaryJain was a key accused in the Jain hawala case of the mid-1990s which collapsed for want of evidence.

Appu Esthose and Suresh Ritu Sarin profile the new set of Indians found to have invested in tax havens such as the British Virgin Islands (BVI).


A diamond merchant, Pandit was a director on the board of Bank of Maharashtra when he floated Marvelous Wealth Offshore Ltd in the BVI in February 2008. He quit as director of Bank of Maharashtra in July 2012 and went on to become a director on the board of Syndicate Bank. Mr Anand Pandit is not having any interest in the said company, his spokesperson said in response to queries from The Indian Express. Therefore the other queries listed are not relevant.


Jain was a key accused in the Jain hawala case of the mid-1990s which collapsed for want of evidence. The CBI had claimed it had details of the alleged secret accounts maintained by Jain but could not conclusively prove a quid pro quo or the money trail. Jain, his wife Poonam and daughter Geetika are listed as beneficiary owners of BVI firm Armoric Management Pte Ltd which was registered in July 2007. His family said he was out of the country and could not be reached for comment.


Nagpal and his firm Padmini Financial Services Ltd were suspected of wrongdoing in the stock market manipulation scandal involving stock broker Ketan Parekh more than a decade back. In February 2007, Sebi banned Nagpal from operating in the stock markets for five years. Months earlier, Nagpal and his wife Aarti, also a director in Padmini Financial, floated Grand Accent Overseas Ltd in the BVI in June 2006. Nagpal was not available for comment.


A financial consultant, Sandhu was found guilty of non-compliance of Sebi's takeover rules in April 2008. Subsequently, his company Kausar India Ltd was placed on a watchlist by Sebi and the Ministry of Corporate Affairs. In January 2009, Sandhu floated Melway Investments Ltd in the BVI. Sandhu, who happens to be the brother of former Intelligence Bureau chief and current deputy National Scurity Adviser Nehchal Sandhu, denied any link to Melway. I dont know about any such firm, certainly not in my name, he said.


Vidur Bharadwaj, Nirmal Singh and Surpreet Singh Suri, promoters of 3C Developers, started Odessa Group International Ltd in the BVI in October 2007. But a company spokesperson said Odessa was inoperative.M/s Odessa Group was completely inoperative and no

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