Header Ad
HomeBUSINESSWhat did FTIL do with the money earned abroad?

What did FTIL do with the money earned abroad?

- Advertisement -


“Forget terrorism, I want to be an accountant,” these words of Osama Bin Laden clearly indicate the chilling impact of economic terror on the stock market, FIs, banks and individual investors.

Unlike conventional crime where a person or group of persons is cheated, robbed or assaulted, – white-collar crimes – committed by reputed and respectable people erode the socio-economic fabric of the country. Such crimes damage the wealth and well-being of the nation and its economy.

It is hence ironic that while a person who violates the human body or property is sentenced to life imprisonment or death penalty, an economic offender who in a deliberate, premeditated and cold-blooded manner leaves a larger impact on the nation and its economy is let off lightly. Because of their financial status and economic clout offenders rarely suffer the shame and humiliation that a petty criminal faces.

- Advertisement -

This is the line of demarcation between the rich and the poor. The rich get bail instead of jail while the poor go to jail even if they fail to produce Rs 500 surety or bail bond. The rich are either let off lightly or given VVIP treatment whereas the poor rickshaw puller and sole bread-winner in the family stagnate behind bars– unable to support their family.

It is a fact that FTIL is selling its 27.3% stake in Dubai Gold Exchange at throw away prices at Rs $11 mn.

Dubai_Gold_&_Commodities_Exchange_LogoThe issue is why did FTIL group sell off its stake so cheap and that too in an exchange that was doing so well and its trading volumes were at an all high? Is there a sort of under invoicing going on and the value of actual sale price is higher than what being officially disclosed? If what is happening to the surplus money and where is going?

According to informed sources, FTIL group is alleged to be involved in money laundering and hawala transactions. It is also being alleged that the market value of FTIL stake Rs 2200 crore which they are trying to pass off as Rs 1000 crores. The entire operation is allegedly being held under the directions of FTIL Managing Director Prashant Desai, who reportedly visited Dubai several times to oversee the deal.

- Advertisement -

ftilAccording to sources, all this is because the final merger between FTIL and NSEL is supposed to take place on 15 Feb 2016 (that is if all goes well, this merger was earlier scheduled to be held on 31st Oct 2015). The FTIL group allegedly wants to sell off its assets at a lower price and retain an enormous amount as black money abroad.

It might be recalled that FTIL group had allegedly siphoned off Rs 850 crores to Mauritius in the name of repaying the debtors.

Nobody knows where this money went.

It is reliably learnt that the NSEL Investors Forum filed several complaints from time to time before the Enforcement Directorate. However when Taazakhabar News called up the ED office, no one seemed to be willing to take up the matter seriously or take up preliminary investigation before dismissing the complaint.

- Advertisement -

Enforcement_Directorate_LogoTaazakhabar News first spoke to Sanjay Kinjavadekar, who said, we receive so many complaints every day, and if we start taking cognizance of every matter then we would not have anything else to do. We are not investigating any such case’, he said and told this correspondent to speak to his senior Satyabrata Kumar, who was equally not interested in investigating the case. Enquiries at the ED Delhi Office also drew a blank. JD (Adm) Ramtake’s office did not attend to the official telephone while the PA and Staff Officer to The Director ED behaved as if their duty was to block anyone from speaking to the Director Enforcement Directorate Karnal Singh.

- Advertisement -
Neeraj Mahajan
Neeraj Mahajanhttps://n2erajmahajan.wordpress.com/
Neeraj Mahajan is a hard-core, creative and dynamic media professional with over 35 years of proven competence and 360 degree experience in print, electronic, web and mobile journalism. He is an eminent investigative journalist, out of the box thinker, and a hard-core reporter who is always hungry for facts. Neeraj has worked in all kinds of daily/weekly/broadsheet/tabloid newspapers, magazines and television channels like Star TV, BBC, Patriot, Sunday Observer, Sunday Mail, Network Magazine, Verdict, and Gfiles Magazine.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular