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During its recent raids on the business premises of YS Jagan Mohan Reddy and those of his investors, the CBI has unearthed many bogus companies, which have invested in Jagan Mohan Reddy's enterprises. The CBI has now concluded that these companies were 'paper companies' just created for funneling investments.
According to CBI sources, the address of Artilligence Bio Innovations Limited, Kirti Electronic Systems Pvt. Limited, Stocknet International Limited, Bay Inland Finance Pvt. Limited, New Outlook Securities Limited and Shakti Ispat Products Pvt. Limited are same. They are officially located at Suit No.5,6 and Flat No.202, Nityananda Nagar, Bakultolia, Howrah. When CBI officials launched searches, they found that there was no company operating from that address. Local inquiries revealed that no such companies ever existed at that address. So, CBI was forced to conclude that these companies are bogus, an official said.
The addresses of Delton Exim Pvt Limited, Bhasker Fund Management Limited, Gromoor Fund Management Co.Limited was also listed to be the same: 48/A, Block C, New Alipore, Kolkata -53. Not surprisingly when CBI sleuths visited the place, there were no such companies existing at that location. Cliftons Pearson Exports and Agencies Limited, Ganga Builders Pvt. Limited, Super Finance Limited and Shivalakshmi Exports Limited were also found to have listed their address at 102, Stephen House, 4 BBD Bag (E), Kolkata – 01. When CBI tried to contact the companies and their owners, it found that only one person sitting at the said premises.
Further investigations by the CBI revealed that Jagan firms Artilligence Bio Innovations Limited, Kirti Electronic Systems Pvt. Limited, Stocknet International Limited, Bay Inland Finance Pvt. Limited, New Outlook Securities Limited and Shakti Ispat Products Pvt. Limited have no offices of their own. It was found that with the permission of the owner of the premises, these 'paper' companies used them as their address. But they had no office there. Notices sent by CBI to these companies during preliminary inquiry were not answered, said sources in the CBI.
With regard to Hingora Finvest Pvt.Limited whose address is listed as Shivaji Raje Scheme, B-10/14, Mhada, 101, Ekta Nagar, Malad West, Mumbai – 400062 there was more confusion. There is no premises that matching with the given address. When officials tried and contacted residents in the neighbourhood, they were equally flummoxed. For Moon Enterprise Pvt. Limited, the address was given as 443, 4th floor, Kiran Kung, Tank Road, Malad (W) Mumbai -400064. During the investigation, it was found that one Pradip Parikh was living at that address with his wife and two daughters, in a 540 square feet flat. Parikh told officials that his company had no investment in Jagati publications and expressed his ignorance about existence of Moon Enterprise. 'There are dozens of companies without any credentials or address. But all of them invested crores of rupees in Jagati Publications," said CBI sources.
In case of the two companies based in Hyderabad, Eres Project Pvt.Limited and TWC Infrastructure Pvt. Limited, letters sent to these address were returned unserved. Two promoters of Eres Projects Company: E Rajasekhar Reddy and E Srinivasa Reddy issued a cheque on A/c no. 008010200058362 of Axis Bank for Rs 8 crore. But the amount was actually transferred from Ramky Estates and Farms Pvt. Limited a company promoted by Ayodhya Rami Reddy who executed several municipal and infrastructure projects during the YSR regime. "When the Axis Bank cheque was issued, the Eres project company's bank balance was Rs 5031 and after the transaction, it was Rs 4536.80 and during 2007-08 the company had not earned any income," said sources. With regard to TWC Infrastructure Pvt Limited, two persons who claimed to be the directors of the company has issued Axis Bank cheque under the account No.008010200058371 for Rs 2 crore to Jagati Publications on December 31, 2007.
The funds sourced from transfer of funds on the same day from Ramky group of companies and after the cheque realized, the bank balance of TWC Infrastructure was Rs. Nil! Only three transactions were done by TWC Infrastructure during its entire bank operation and the majority of funds are from Ramky Group of companies. "More names are likely to be added in the FIR. We have submitted a report on the searches to the CBI special court," said VV Laxminarayana, CBI joint director.
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