prasad1
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The Sheena Bora murder case, in which her mother Indrani Mukerjea and stepfather Peter Mukerjea are accused, has taken a new twist following a report on money laundering of up to Rs. 275.5 crore by their company, INX Media.
The report, sent by the Central Board of Direct Taxes (a copy of which is with The Hindu), says the Mukerjeas laundered foreign funds into INX Media via dubious investment firms based in Port Louis, Mauritius. The infusion of huge share capital at a substantial premium was funnelled into eight subsidiary companies between 2007 and 2008, according to income tax documents and files in possession of The Hindu. Of the eight firms, six received unsecured loans and two received share capital at a substantial premium. One of them received suspect foreign funding, while the remaining seven received suspect domestic funding, documents show.
The new report is not part of various investigations into the Sheena Bora murder case, but constitutes a tax history of the group as documented by the CBDT, New Delhi, since the company was set up in 2007.
The report, submitted by a Government of India Deputy Secretary in the investigation wing of the CBDT to the Director-General of Income Tax (DG, I&T) on May 5, 2014, reveals a complex web and layers of ‘conduit’ companies infusing domestic and foreign capital into the INX Group.
In 2008-09, INX Media declared a loss of Rs. 270 crore. The same year tax sleuths were forced to do a scrutiny and make an addition of Rs. 275.5 crore to the group’s income “on account of unexplained sources of huge funds received by the company from domestic as well as offshore sources.”
The report shows three conduit companies: New Vernon Private Equity Limited, New Silk Route (NSR) PE Mauritius, and Dunearn Investment (Mauritius) making “doubtful” transactions of Rs. 28.37 crore, Rs. 89.85 crore and Rs. 89.40 crore into INX Media Private Limited from Assessment Year 2007-2008.
http://www.thehindu.com/news/cities...-cbdt-report/article7962748.ece?homepage=true
The report, sent by the Central Board of Direct Taxes (a copy of which is with The Hindu), says the Mukerjeas laundered foreign funds into INX Media via dubious investment firms based in Port Louis, Mauritius. The infusion of huge share capital at a substantial premium was funnelled into eight subsidiary companies between 2007 and 2008, according to income tax documents and files in possession of The Hindu. Of the eight firms, six received unsecured loans and two received share capital at a substantial premium. One of them received suspect foreign funding, while the remaining seven received suspect domestic funding, documents show.
The new report is not part of various investigations into the Sheena Bora murder case, but constitutes a tax history of the group as documented by the CBDT, New Delhi, since the company was set up in 2007.
The report, submitted by a Government of India Deputy Secretary in the investigation wing of the CBDT to the Director-General of Income Tax (DG, I&T) on May 5, 2014, reveals a complex web and layers of ‘conduit’ companies infusing domestic and foreign capital into the INX Group.
In 2008-09, INX Media declared a loss of Rs. 270 crore. The same year tax sleuths were forced to do a scrutiny and make an addition of Rs. 275.5 crore to the group’s income “on account of unexplained sources of huge funds received by the company from domestic as well as offshore sources.”
The report shows three conduit companies: New Vernon Private Equity Limited, New Silk Route (NSR) PE Mauritius, and Dunearn Investment (Mauritius) making “doubtful” transactions of Rs. 28.37 crore, Rs. 89.85 crore and Rs. 89.40 crore into INX Media Private Limited from Assessment Year 2007-2008.
http://www.thehindu.com/news/cities...-cbdt-report/article7962748.ece?homepage=true
