WHERE IS NAND KISHORE CHATURVEDI,INDIA'S MOST WANTED HAWALA DEALER HIDING?

 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 key 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.)

 WHERE IS NAND KISHORE CHATURVEDI,INDIA'S MOST WANTED HAWALA DEALER HIDING?

Teams of multiple enforcement agencies have doubled their efforts to track him down after his involvement has been established in the #HotelRoyalPlazaDelhi benami investments, a of Rs 29 crores in 2003 with help of businessmen #AshokMittal.

By Rajan Tewari

For the last two years, the Enforcement Directorate (ED) has been desperately searching for #NandKishoreChaturvedi, India's biggest hawala dealers. He has been on run since his name came out in several high profile #moneylaundering cases spread over Mumbai, Delhi, Lucknow and Kolkata, including the well known #pushpakbillion case involving #UddhavThackeray's brother-in-law. Teams of multiple enforcement agencies have doubled their efforts to track him down after it has been found of his involvement in the #HotelRoyalPlazaDelhi benami investments to tune of Rs 29 crores in 2003 with help of businessmen #AshokMittal. The two have been found to be part of several such dubious investments through their several off-shores companies located in tax heaven countries like Switzerland, Virigin Island and Sharjah. The #Incometax has already raided there premises and looking into paper trail of their investments spread in India and abroad. https://economictimes.indiatimes.com/news/india/i-t-dept-raids-hotel-royal-plazas-chairman-for-stashing-rs-40-crore-abroad/articleshow/93074759.cms

As per the India Today report, https://www.indiatoday.in/india/story/income-tax-dept-raids-hawala-operator-nandkishore-chaturvedi-entities-several-states-2390183-2023-06-08 Nand Kishore Chaturvedi is a native of Mathura, Uttar Pradesh, but has been living and conducting business in Mumbai. Ashok Mittal lives in Delhi but also has extensive business in Delhi. Both individuals have a strong presence in the financial sector. It is reliably learned that it was in Mumbai that they met and became business partners in various projects. Money laundering was also a significant aspect of their partnership. The income tax authorities have been investigating their financial transactions for the past several years and have found evidence of illegal activities. Their investments in the #HotelRoyalPlaza at Ashoka Road in Delhi, a five-star hotel, were found to be a front for money laundering and tax evasion.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 It was also the start of their close relationships and the building of their extensive networks with politicians across Maharashtra and Uttar Pradesh who sought their help in whitewashing their ill-gotten wealth through dummy front companies located in India and abroad. This allowed them to maintain their power and influence with the government and other powerful individuals.

However, after working under the radar for several years, Nand Kishore Chaturvedi shot into the limelight in 2016 when he was accused of helping high-profile politician Uddhav Thackeray's family with money laundering. The probe opened a can of worms as his entire network and close associates came under focus. This led to the doorstep of Ashok Mittal, leading to an income tax raid in 2022 and the opening of a LOC against him.

According to a report in the Free Press Journal, in 2022, Mumbai: https://www.freepressjournal.in/mumbai/mumbai-ed-on-lookout-for-nandkishor-chaturvedi-who-provided-loans-to-company-owned-by-cm-uddhav-thackerays-relative#:~:text=Uddhav%20Thackeray's%20relative-,Mumbai%3A%20ED%20on%20lookout%20for%20Nandkishor%20Chaturvedi%20who%20provided%20loans,by%20CM%20Uddhav%20Thackeray's%20relative&text=The%20Enforcement%20Directorate%20is%20on,in%20a%20money%20laundering%20case.

"The Enforcement Directorate is on the lookout for a man who could play a key role in the probe against the company owned by Chief Minister Uddhav Thackeray’s brother-in-law in a money laundering case. The alleged operator of shell companies, Nandkishor Chaturvedi, has been off the agency’s radar for the last many months. The ED had also earlier communicated to Chaturvedi to get his statement recorded in the case, but the latter never responded, say agency officers." (“Mumbai: ED on Lookout for Nandkishor Chaturvedi Who Provided Loans to Company Owned by CM Uddhav Thackeray’s Relative”) "On March 6, 2017, the agency had recorded a money-laundering case against Pushpak Bullion and other companies of the Pushpak Group, under the provisions of the PMLA, for allegedly laundering money in the post-demonetisation period. In September 2017, the ED had arrested Chandrakant Patel of Pushpak Bullion, Mumbai, for allegedly purchasing 285 kilograms of gold post-demonetisation, with laundered money.

In November 2017, the ED provisionally attached the immovable and movable properties of Pushpak Bullion to the tune of Rs 21.46 crore belonging to Mahesh Patel, Chandrakant Patel, their family members, and companies controlled by them.

The ED investigation has revealed that Mahesh Patel syphoned off and layered funds of a Pushpak group concern, M/s Pushpak Realty, in connivance with Nandkishore Chaturvedi (accommodation entry provider). "The ED investigation has revealed that Mahesh Patel had syphoned off and layered funds of a Pushpak group concern, M/s Pushpak Realty, in connivance with Nandkishore Chaturvedi (accommodation entry provider).

According to ED officers, shell companies provide accommodation entries that disguise unaccounted income as loan or share capital and reroute it back into the books of accounts of commercial establishments. This is a widely used method by tax evaders.

M/s #PushpakRealty Developers transferred Rs 20.02 crore in funds in the garb of sales, to entities controlled by Nandkishore Chaturvedi, after layering it through various connected/ unconnected entities, the agency’s investigation had revealed." "As per the ED, Nandkishor Chaturvedi, who is an accountant and is originally from Uttar Pradesh, also allegedly operates a number of shell companies. Chaturvedi is suspected to be close to people having political affiliations and his role in turning black money into white through his network of shell companies is being probed. The ED officers did not confirm if Chaturvedi had sneaked out of the country.

He is reported to have further transferred the money through his shell company, M/s Humsafar Dealer Private Limited, in the garb of extending unsecured loans in excess of Rs 30 crore to M/s Shree Saibaba Grihanirmiti Pvt. Ltd., the company owned and controlled by Shridhar Madhav Patankar, the brother-in-law of Maharashtra Chief Minister Uddhav Thackeray, the agency had claimed.

“The money siphoned off by Mahesh Patel in connivance with Nandkishore Chaturvedi was parked in real estate projects by Shree Saibaba Grihanirmiti Pvt. Ltd,” the ED had claimed in a statement". "On Tuesday ED had provisionally attached immovable properties worth Rs 6.45 crore in the case of M/s Pushpak Bullion, one of the group companies of Pushpak Group. The said attachment included 11 residential flats in the Neelambari project in Thane, belonging to Shree Saibaba Grihanirmiti Pvt. Ltd" .

IT RAIDS ASHOK MITTAL PROPERTIES

According to a report published on the print website, https://theprint.in/india/i-t-dept-raids-hotel-royal-plazas-chairman-for-stashing-rs-40-crore-abroad/1052072/ Ashok Mittal has allegedly stashed income of Rs 40 crore on foreign countries. This is the same money that the Malaysia-based Hilton Company has invested in the Royal Plaza hotel to purchase preferential shares to grab management control.

This is a clear case of money laundering and tax evasion.

"The Income Tax Department raided the premises of the Chairman of Hotel Royal Plaza Ashok Mittal for allegedly stashing income of Rs 40 crore on foreign shores. “Foreign Asset Investigation Units (FAIUs) of Income Tax department has conducted this search for undisclosed assets held by Mittal abroad and possessing black money in foreign shores,” the I-T officials told ANI adding that “in this regard 18 premises across Delhi, Mumbai and Daman were covered during the search operation.”

A search was conducted this month, including the locations of Hotel Royal Plaza, Lights Trading, and the real estate business.

According to the Central Board of Direct Taxes (CBDT), during the course of the search operation, a large amount of incriminating evidence in the form of hard copies of documents and digital data was found and seized. The evidence indicated that the group had parked its undisclosed money abroad in certain low-tax jurisdictions. The group, through a Malaysia-based web of companies, had invested the funds in its hospitality business in India.

It is estimated that the quantum of such funds exceeds Rs 40 crore. The evidence gathered indicates that the group has invested in a few companies abroad, which have been incorporated especially for commodity trading, the CBDT informed.

The group did not disclose one of these companies' net worth, including its profits, in its income tax returns for the relevant time period. It was further detected that the promoter of the group has invested in immovable property in a foreign jurisdiction, which has also not been disclosed in the income tax returns. In addition to these, the company has identified some offshore entities set up for commodity trading but has not yet declared them.

As per the CBDT, the search action also revealed that the group was involved in out-of-book cash sales in its India operations. In its trading business of marble and lights, the seized evidence indicates unaccounted cash sales to the extent of 50 percent to 70 percent of the total sales. An undisclosed excess stock of Rs 30 crore was also found during the search. In its hospitality business, unaccounted sales have been detected more specifically in the banquet division, the CBDT added, "The excess stock was found to be worth Rs 30 crore."

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