NEW DELHI/CHENNAI: With India keeping up its pressure to ferret out black money stashed abroad, Switzerland is learnt to have agreed to provide information on two more companies, one of which has a Chennai address.
While Geodesic Ltd is already under market regulator Sebi’s radar for multiple violations, Aadhi Enterprises Private Ltd is said to be politically well connected. The Swiss federal tax department has also agreed to share information on three individuals associated with Geodesic - Pankajkumar Onkar Srivastava, Prashant Sharad Mulekar and Kiran Kulkarni.
Incorporated in Chennai in November 2014, Aadhi is into real estate and other businesses. Income Tax raids earlier this year on the premises of Sunil Khetpalia and Maneesh Parmar, promoters of Aadhi, allegedly uncovered its money laundering footprint and benami holdings of people linked to politicians in Tamil Nadu.
Though Aadhi did not have any history of big business transactions, it received Rs 250 crore from Pacatolous Investments Ltd, a Mauritius firm, as foreign direct investment with RBI clearance for land acquisition. However, the Enforcement Directorate is yet to file any case against Aadhi under the Prevention of Money Laundering Act.
Aadhi’s name first popped up during I-T raids on the premises of Edison Energy India Private Ltd in Chennai, sources said.
Gazette notifications issued by Switzerland said its federal tax department would provide administrative assistance - jargon for sharing data - to India on Aadhi and Geodesic.
Dirty money footprint
Aadhi, incorporated in Chennai in November 2014
Aadhi received 250 crore from Pacatolous Investments Ltd, a Mauritius firm, as FDI for land acquisition
I-T raids allegedly uncovered benami holdings and money laundering by Aadhi
Geodesic incorporated in 1982. It now does not have a functional website
It faced action by Sebi, ED and the Economic Offence Wing of the Mumbai Police