Ashok Gehlot’s son appears before ED, says no links to FEMA

ED had conducted searches between August 29 and 31 in various locations in Jaipur, Udaipur, Mumbai and Delhi in connection with the FEMA case of Triton Hotels and Resorts Private Limited, Vardha Enterprises Private Limited, and its directors and promoters Shiv Shankar Sharma, Rattan Kant Sharma and others.

ED said investigation has been initiated based on “credible information” wherein Triton Hotels and Resorts received Foreign Direct Investment (FDI) from Sivnar Holdings Limited, Mauritius at a huge premium which was revised several times violating FEMA provisions. It claimed that Triton group was also involved in hawala transactions.

In 2020 too, Rattan Sharma was summoned by the agency to explain an alleged receipt of Rs 96.7 crore into Triton from Mauritius. According to RoC records, the Mauritius-based Sivnar Holding Limited owns 50 per cent in Triton, while Rattan Kant Sharma and his wife Jui Sharma own the rest.

During the searches this August, unaccounted cash of Rs 1.27 crore as well as “various incriminating documents including digital evidence, hard disks, mobiles etc. were seized which reveal large-scale transactions done by the group out of books of account.” ED said that unaccounted cash receipts were invested in development of hotels.

Vaibhav is linked to the case through Rattan’s association with SunLight Car Rental Services Private Limited, where he, his wife Himanshi and Rattan were shareholders. In March 2011, Rattan Sharma had acquired 50 per cent shares in Sunlight Car Rentals Private Ltd, which was floated by Vaibhav. Sharma remained a company shareholder till March 31.