Saturday, February 25, 2012

Will the arms dealer and money launderer be ever nailed and convicted?

Income tax raids on arms dealer Suresh Nanda
TNN | Feb 25, 2012, 03.06AM IST

NEW DELHI: Income tax officials on Friday carried out searches at various premises of Delhi-based businessman and defence dealer Suresh Nanda, including at the Claridges hotel owned by him.

Nanda had temporarily shifted his residence to Claridges but on the day of the raid he slipped out in a similar fashion like in 2007 when a raiding party failed to lay their hands on him. Sources said he has left for London while raids continued late in the night on Friday.

Nanda's residences at Prithviraj Road, Defence Colony and his properties in New Delhi and Mumbai were searched. The I-T department refused to divulge details.

A close associate of Nanda, besides his family members, were the target during Friday's raids. Some of his transactions in London have been on the radar of investigative agencies. Nanda is believed to have purchased properties in UK among other places. Sources said he was in negotiations for a five-star property in Mumbai.

The I-T department had been keeping a close watch on Nanda's financial transactions as it had specific information about the defence dealer's earnings abroad and the money he had allegedly brought into the country through hawala.

Nanda is already facing a CBI case in the Barak defence deal in which he is alleged to have paid Rs 2 crore to former Samata Party chief Jaya Jaitly at the then defence minister George Fernandes's official residence.

In October 2006, Nanda and three other defence dealers had come under investigation after the CBI raided their premises for their alleged role as middlemen in various defence deals, including the Barak missile deal.

This is not the Nanda family's first brush with controversy. Nanda, a former Navy officer and son of former Navy chief Admiral S M Nanda, is named in at least three different CBI FIRs.

In October 2006, CBI filed an FIR naming Suresh Nanda among others alleging huge kickbacks in the purchase of Barak missiles from Israel for the Indian Navy. In the same month, Nanda was named in another FIR, in the purchase of Armoured Recovery Vehicles. Nanda was termed an agent for one of the bidders, and was accused of accepting commission from the company.

Nanda and his son Sanjeev were arrested on March 8, 2008 along with their chartered accountant Vipin Shah and income tax officer Ashutosh Verma in an alleged bribery case. Verma was handling the income tax investigation against the Nanda family.
Feb 01, 2008 at 12:39am IST

Four years ago Feb 01, 2008 at 12:39am IST
New Delhi: Arms dealer Suresh Nanda's passport has been suspended for four weeks following a request by the Central Bureau of investigation (CBI). His father and former Indian Navy chief Admiral SM Nanda is also under the scanner.
Suresh is arguably India's biggest arms dealer and finally, after being accused of corruption charges, the CBI seems to have him in their net.
He is alleged to have received 10 per cent kickback in the Rs 1,100 crore Barak Anti-Missile System deal between an Israeli company and the Indian armed forces.
Investigations into the deal show that Nanda received Rs 400 crores from abroad in various banks accounts in India.
Sources have told CNN-IBN that Nanda's father, Admiral SM Nanda is also being investigated for receiving kickbacks in the Rs 7,000-crore deal with Russia for aircraft carrier Admiral Gorshkov. (Sadly or luckily he died in May 2011 and hence escaped conviction)
While CBI refuses to comment, Nanda tried to defend himself after interrogations on Thursday evening.
"I think everything has come legally through proper banking channels," Suresh Nanda casually remarked.
CBI sources have told CNN-IBN that Nanda has used the kickback money to buy the Claridges Hotel in New Delhi, Searock Hotel in Mumbai, Land for SEZ near Mumbai and another hotel in Faridabad.
But what can put Nanda in a soup is his alleged British passport. He owns a company called Globetech in London and Interpol alleges that he has listed himself as a British national.
"I am an NRI for the last 24 years," Nanda replied when asked about his status.
But that is not true because Nanda's NRI status was revoked after income tax raids last year found documents pointing to crores of unaccounted wealth.
CBI closing in on arms dealer Suresh Nanda
Comment: CBI closing on the money launderer for the last 5 years without any tangible progress- It is likely the accused may vanish in a few days!

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