Ashok Mittal's six foreign companies, including Hillcrest served IT notice under Black Money Case; Hillcrest investment was used to ouster hotel Royal Plaza's owner RP Mittal

 Bharat Jeetega, Corruption Meetga!

PUBLIC INVESTIGATION

EXPOSE ON INDIA'S MAJOR HAWALA RACKET

Key players: Nand Kishore Chaturvedi and Ashok Mittal (Note: All facts and documents are public and submitted in court. Here is the link of key document: https://www.scribd.com/document/690485435/Ia-No-386-of-2023-Volume-i-to-Volume-IV-in-Cp-No-47-of-2010-1?secret_password=H1wu4g3dAlSaAWDFi1Sx

(The purpose of this article is to create public awareness and not target any individual.)

Ashok Mittal's six foreign companies, including Hillcrest served IT notice under Black Money Case; Hillcrest investment was used to ouster hotel Royal Plaza's owner RP Mittal

By Veena Ramaswamy

Income Tax authorities are gradually tightening noose around #AshokMittal of #hotelroyalplaza over his close business links with #NandkishoreChaturvedi, India's most wanted after #blackmoney operator. After conducting raid and opening #LOC, the #IT authorities have also served notice on Ashok Mittal under the Black Money Act asking to furnish details of half dozen bank accounts in foreign countries.

IT probe has revealed that two of the companies #HillcrestRelaty and #Bamberg has been used by Ashok Mittal and Nand Kishore Chaturvedi to invest in hotel #RoyalPlazahotel. The center of the IT probe into the hotel plaza involves the investment made through two benami companies  Hillcrest Realty, and Cardiff Limited. The history of the illegal takeover of Hotel Royal Plaza goes back to the ill-gotten tainted or black money of Rs. 28.29 crores of Ashok Mittal, which was channelled through money laundering with the help of  Nand Kishore Chaturvedi, to the Swiss bank account of Ashok Mittal's son Vikram Mittal, who had in turn laundered it to a company called Cardiff Ltd. 

Details of  IT raids on #NandKishoreChaturvedi are here: https://www.indiatoday.in/india/story/income-tax-dept-raids-hawala-operator-nandkishore-chaturvedi-entities-several-states-2390183-2023-06-08 and his partner #AshokMittal here: https://economictimes.indiatimes.com/news/india/i-t-dept-raids-hotel-royal-plazas-chairman-for-stashing-rs-40-crore-abroad/articleshow/93074759.cms; Subsequently opening of #LOC by IT department against Ashok Mittal is here: https://www.outlookindia.com/business-spotlight/delhi-high-court-upholds-loc-black-money-launderer-ashok-mittal-of-hotel-royal-plaza-by-abhinav-sharma-news-334756

This is how #ashokmittal, #vikrammittal and #nandkishorechaturvedi laundered their ill-gotten black money ing of Rs 28.29 crores, as under:

FIRST: Tranche Date Amount From To First 01.04.2003: $250000 (Rs. 11.79 crore) Vikram Mittal Swiss Account Cardiff Ltd. (a wholly owned subsidiary of Hillcrest Reality SDN. BHD., Malaysia) 03.04.2003* $ 2500500 Cardiff Ltd. Hillcrest (Rs. 11.78 crore) (a wholly owned subsidiary of Hillcrest Reality SDN. BHD., Malaysia) Reality SDN. BHD., Malaysia 11.04.2003* $ 2500000 (Rs. 11.78 crore) Hillcrest Reality SDN. BHD., Malaysia Hotel Queen Road Pvt. Ltd.

SECOND: On April 22, 2003: $250000 (Rs. 11.79 crore). Vikram Mittal Swiss Account Cardiff Ltd. (a wholly owned subsidiary of Hillcrest Reality SDN. BHD., Malaysia) 21.04.2003* $ 2500500 (Rs. 11.78 crore) Cardiff Ltd. (a wholly owned subsidiary of Hillcrest Reality SDN. BHD., Malaysia) Hillcrest Reality SDN. BHD., Malaysia 24.04.2013* $ 2500000 (Rs. 11.78 crore) Hillcrest Reality SDN. BHD., Malaysia Hotel Queen Road Pvt. Ltd.

THIRD: On June 26, 2003, $ 999995 (Rs. 4.72 crore) Vikram Mittal Cardiff Ltd. (a wholly owned subsidiary of Hillcrest Reality SDN. BHD., Malaysia) 24.06.2003* $ 1000000 (Rs. 4.72 crore) Cardiff Ltd. (a wholly owned subsidiary of Hillcrest Reality SDN. BHD., Malaysia) Hillcrest Reality SDN. BHD., Malaysia 24.06.2003* $ 1000000 (Rs. 4.72 crore) Hillcrest Hotel Queen Road Pvt. Ltd. On the strength of the preference shares, Hillcrest Reality SDN. BHD., Malaysia, acquired voting rights in Hotel Royal Plaza and was ultimately able to illegally take over the control of Hotel Royal Plaza. 

The preference shares were issued for 20 years, and therefore, w.e.f. July 20, 2023, the preference shares ceased to exist, and the voting rights given to the preference share holder also ceased to exist. Hillcrest Reality SDN. BHD., Malaysia, took over the control of Hotel Royal Plaza via court orders dated July 14, 2009, and July 20, 2009, and constituted the Board of Directors of Hillcrest Reality SDN. BHD., Malaysia. Since Hillcrest Reality SDN. BHD., Malaysia, ceased to hold any preference shares in Hotel Royal Plaza w.e.f. July 20, 2023, Hotel Royal Plaza is currently without a validly appointed board of directors. Ram Parshotam Mittal, alleging to hold 99.99% equity in Hotel Royal Plaza, has now knocked on the doors of NCLT by filing interim applications to take over control and management of the hotel. R.P. Mittal Group and Ashok Mittal are anxiously eyeing the ruling of the NCLT. https://www.republicworld.com/business/industry/nclt-to-rule-on-fate-of-historic-royal-plaza-hotel-in-ownership-dispute.news

For more details on shares structures read this: https://ashokmittalhotelplaza.blogspot.com/2023/12/jeetega-corruption-meetaga-public.html

According to the IT notice dated December 29, 2022, under Section 10 of the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax 2015, asking for the source of investment in the following offshore (foreign) companies.

S.no of the offshore companies.	Name of the Company	Bank Branch/Country
1	Bamberg Management Inc	British Virgin Island
2	Hillcrest Realty SDN BHD	Malaysia
3	Snowdonia Overseas Ltd	British Virgin Island
4	Super Gold Trading DMCC	Dubai
5	Danube Trading F.Z.C	Dubai
6	North West Trading FZE	Dubai

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