Modi Govt likely to size Ashok Mittal and Nand Kishore Chaturvedi's Hillcrest investment in Hotel Royal Plaza under the black money law

  Bharat Jeetega, Corruption Meetega

PUBLIC INVESTIGATION

EXPOSE ON THE MAJOR HAWALA RACKET IN INDIA

Key players: #NandKishoreChaturvedi and #AshokMittal (Note: All facts and documents are public and submitted in court. Link of the document is here. 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.)

Modi Govt likely to size Ashok Mittal and Nand Kishore Chaturvedi's Hillcrest investment in Hotel Royal Plaza under the black money law

By Veena Sundaram

#ModiGovernment crackdown on #blackmoney operators, hawala dealers could led to seizures of tainted #HillcrestRelaty investments made in #HotelRoyalPlaza in 2003 under the garb of foreign direct investments (FDI). The company's promoters, #AshokMittal and #NandKishoreChaturvedi, India's Most Wanted Hawala dealer, are already facing multiple probes for their roles in running widespread racket involving black money and indulging in massive tax evasions. Under the black money law, any tainted money could be confiscated by the Government of India (GOI), if prima facie there is evidence of money laundering.

Evidence has revealed that the duo have invested Rs 28.29 crores in the hotel under the guise of foreign investment through their benami company Hillcrest Realty in Malaysia. The hotel plaza's owner #RPMittal has moved the Delhi High Court requesting issuing of direction to concerned authorities to seize the Hillcrest's investments as it is a "proceed of crime". The court has listed the case for hearing on February 20, 2024.https://www.indiatoday.in/india/story/income-tax-dept-raids-hawala-operator-nandkishore-chaturvedi-entities-several-states-2390183-2023-06-08; https://economictimes.indiatimes.com/news/india/i-t-dept-raids-hotel-royal-plazas-chairman-for-stashing-rs-40-crore-abroad/articleshow/93074759.cms

RP Mittal's concerns stem from the fact that the Income Tax and Enforcement Directorate (ED) is looking into a number of dubious transactions involving Ashok Mittal and Nand Kishore Chaturvedi, including those involving the Hotel Plaza, as well as the fact that Hillcrest's 20-year preference share investment term ended on July 19, 2023. 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

Between May and July 2003, the Malaysian company Hillcrest, controlled by Ashok Mittal and Nand Kishore Chaturvedi, bought 28,29,290 preference shares for a 20-year period.  The money was transferred through dubious means, utilizing several front firms in tax havens and overseas. By working with these businesses, Hillcrest was able to stay anonymous and escape paying taxes on its investment. The business is facing dire repercussions as a result of the investigative agencies focusing on Hillcrest's illicit activities, and there are concerns that the money may be siphoned to avoid being seized as it would be considered a "crime of proceed" in a strict black money case. https://www.republicworld.com/business/industry/nclt-to-rule-on-fate-of-historic-royal-plaza-hotel-in-ownership-dispute.news

Justice Amit Sharma, admitting the petition, said:" The present application under Section 482 of the Cr.P.C. seeks the following prayers: “(a) Pass urgent appropriate Interim Order(s) to either attach the said “Proceeds of Crime of Rs.28.29 Crores” or to refrain the Respondent No.5 from remitting to the Respondent No.6 Company the “Proceeds of Crime” of Rs.28.29 Crores against redemption of 28,29,290 Nos.8.5% Redeemable Preference Share alongwith the unpaid dividend of Rs.7.21 Crores due since last 3 years, with further directions to the Respondent No.5 to keep the said total amount of Rs.35.50 Crores (comprising of Rs.28.29 Crores + Rs.7.21 Crores) in an Escrow Account subject to further direction(s) from this Hon‟ble Court. b) Pass urgent appropriate interim order(s) restraining Respondent No. 5 from issuing any fresh redeemable preference shares to Respondent No. 6 Company in lieu of the unpaid dividend of Rs. 7.21 crores due since the last 3 years, which are in fact the “Proceeds of Crime." (c) Pass such further and/or other order(s) as this Hon'ble Court may deem fit in the facts and circumstances of the case;” 2. In view of the nature of the prayers in the present application, the same shall be decided at the time of deciding the present writ petition." Respondents are Ashok Mittal, his on Vikram Mittal, Nandkishore Chaturvedi, Hillcrest Realty, and Hotel Queen Road Private Limited (HQRP).

For more details on the illegal investments, please read here: https://ashokmittalhotelplaza.blogspot.com/2023/12/jeetega-corruption-meetaga-public.html

KEYWORDS: #AshokMittal, #AshokKumarMittal, #AshokMittalHotelRoyalPlaza, #RoyalPlazaDelhi, #HotelRoyalPlazaDelhi, #NandKishoreChaturvedi, #PushpakBillion, #BlackMoney, #Hawala, #Hillcrest, #NCLT, #IncomeTax, #EnforcementDirectorate, #IT, ITraids, ITraidhotelplaza, #proceedofcrime, #pmla, #uddhavthackeray, #moneylaundring, #indimostwantedhawaladealer, #HillcrestRealty, #LOC, #AshokMittalLOC, #LOCAshokMittal