Madhulika & Rohit Tiwari
Offshore entity: Morris St. Advisors Ltd
MF records show that Rohit Tiwari, a resident of New Jersey, USA, held all 100 shares in Morris St. Advisors Limited (BVI) since its incorporation on May 5, 2009. He was also the director of the company till October 27, 2011 when he resigned and Madhulika Tiwari, a resident of Delhi’s Defence Colony, became director. On the same day, all 100 shares of Morris St. Advisors Limited (BVI) were transferred to Madhulika Tiwari. The company was struck off on October 31, 2014.
RESPONSE: “I am an American citizen and opened the company while I was in the USA. Madhulika Tiwari is my mother. She is an Indian citizen. We never used the company. There was no transaction or even a bank account. All necessary disclosures were made to the relevant authorities,” said Rohit Tiwari, who is now based in Delhi.
— Jay Mazoomdaar/New Delhi
Offshore entity: Das Properties Ltd
MF records show that Santokh Singh, a resident of Amritsar, has been holding all 100 shares of Das Properties Ltd since August 31, 2012. The company was set up on August 27, 2002.
Records show that Kuldeep Pottwail Singh (133 Upton Lane, Forest Gate, London) has been holding the Power of Attorney (PoA) to manage the company’s affairs since 2009. Das Properties Ltd (BVI) engaged in purchase and sale of properties in the UK. In one instance, the company sold its property on Commercial Road in London to Magri Builders Ltd for GBP 1.85 million in 2006. The next year, it bought a London property at 37 Upton Lane, Forest Gate. In 2009, Das sold a property at 9, Douglas Close, Ilford, Essex IG6 2DB to Kuldeep Singh (21, Lord Avenue, Clayhall, Essex IG5 0HP) for GBP 6,94,483. Records show only five per cent of the money was paid while the rest was adjusted as a loan.
Santokh Singh lives with his wife on the first floor of his Amritsar house which, he claimed, was constructed before his birth in 1938. He added that he used to work for the Punjab government as an auditor with several local bodies. His five children — Gurdev Singh, Surinder Singh, Manjit Kaur, Gurmeet Kaur and Satnam Kaur — are all settled in the UK, he said.
RESPONSE: “I have no company called Das Properties. I have nothing to hide, anybody can investigate. I have made no investment in London. I had gone to England last year to meet my children. I often go there to meet them. But we don’t have any property there. My elder son has a government job in Britain and my younger son works as a postman,” said Santokh Singh.
–Kamaldeep Singh Brar/Amritsar
Offshore entity: Redeem Worldwide Investments Pvt Ltd
MF records list Aditya Sudan as the sole shareholder of Redeem Worldwide Investments Pvt Ltd since September 9, 2009, when the company was set up. Redeem was rendered inactive on April 30, 2011. Sudan and TPS Limited (Samoa) were the first directors. Raghu Veer Singh, an Indian passport holder with an Abu Dhabi address, became a director on February 4, 2010. Singh’s consent letter was marked to Redeem at a Singapore address.
Sudan’s address is listed at a government accommodation in Sector 14, Sonipat, Haryana. When The Indian Express visited the address on April 28, residents and neighbours said that Sudan’s father — an ex-government employee — had moved out three years ago after retirement.
When contacted, Sudan’s father, who did not wish to named, said he had cut all ties with his son 10 years ago and was not aware of the offshore firm. Sudan’s uncle Raman Sharma, who is a partner at a law firm in Noida, said his nephew works in the hospitality industry and is based abroad but declined to name the country.
RESPONSE: “To the best of my knowledge, he had a nominal shareholding (in Redeem), which he transferred. I am not sure of his current status. He was in the process of exploring foreign nationality. He has been a Non-Resident Indian since 2009 and so I don’t think he was required to inform RBI and income-tax authorities about this,” said Raman Sharma.
Offshore entities: Eco-Ocean Group Ltd, Best Concept Group Ltd
Records show Mullick is the sole shareholder of Eco-Ocean Group Ltd since the company was set up on January 3, 2014. He is also the sole shareholder of Best Concept Group Ltd, another Seychelles company, since its incorporation on June 24, 2014.
Best Concept Group Ltd (Seychelles), according to records, is the holding company of Alta Vista Fashions Limited, a Hong Kong company, and its principal place of business is Dhaka, Bangladesh. The accounting records for Eco-Ocean Group Ltd (Seychelles) are kept in Hong Kong.
According to his parents in Delhi’s Janakpuri, Mullick is based in Dhaka, where he runs an apparel and fashion business. He owns Alta Vista Ltd (www.avl-bd.com), which was set up in 2012 in Bangladesh. According to its website, Alta Vista also has offices in New York City (AVL Fashions Inc) and in New Delhi’s Okhla (OSR Textiles Resources).
RESPONSE: Sudhir Mullick did not respond to an emailed questionnaire.
—Jay Mazoomdaar/New Delhi
Offshore entity: Y Cube Holdings Ltd
MF records show that Samir Yamdagni was the sole director and shareholder of Y Cube Holdings Ltd set up on December 6, 2005. The company was incorporated as Lifecycle Holdings Ltd and later renamed Y Cube Holdings Ltd. Records list Delhi’s Sarvodaya Enclave as Yamdagni’s address.
At the address, Yamdagni’s cousin Vivek Sharma claimed that he owned the property, adding that Yamdagni’s parents lived in Vasant Vihar but were travelling. Yamdagni, according to Sharma, moved to Bangkok in the 1990s and is settled there.
According to ycubeholdings.com, the entity is an investment company established in 1993. The website describes CEO Yamdagni as “a visionary, serial entrepreneur, and a mentor who has the unique distinction of developing multimillion dollar businesses from scratch in at least 3 different territories”.
Yamdagni is also one of the founding directors of YCube Engineered Solutions Private Limited, an Indian company (ycubeindia.com), since July 2010.
RESPONSE: “I am not an Indian citizen and/or passport holder. The Y Cube Company is set up as a trading company so we can trade with China. Although set up some time ago, this company has not done any business with China and thus has remained ‘stagnant’ despite several attempts to do some business. This company does not have any relationship with any other company where I am a shareholder,” stated Samir Yamdagni, in an email.
–Jay Mazoomdaar/New Delhi
Dharam Vir Chugh
Offshore entity: Haida Investments Ltd
MF records name Dharam Vir Chugh, a resident of Delhi’s Ashok Vihar, as the beneficial owner of Haida Investments Ltd. A certificate issued by United Bank of India (Kamla Nagar Branch) on May 17, 2007, and Chugh’s driving licence issued on October 6, 2006, are also part of the records.
The company was set up on January 2, 2007. PM Nominees Ltd (BVI) held all 100 shares of the company from April 4, 2007. BVI firm PM Directors Ltd served as director till February 10, 2012. The present director of Haida Investments Ltd is Zuelig Management Corp, another BVI firm.
RESPONSE: “I have no idea about this company. I am a retired 80-year-old man,” Chugh said.
–Aditi Vatsa/New Delhi
Offshore Entity: Triumphum Lux Ltd
MF records show that Kanwar Pal held all 50,000 shares in Triumphum Lux Ltd from May 23, 2013, when the company was incorporated. Sachin Chauhan, a Gurgaon-born citizen of The Netherlands, was appointed the first director. The company was struck off the registry on December 31, 2014. The register of the company was kept in Hong Kong.
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Pal’s listed address is at Chogana village in Punjab’s Karnal. When The Indian Express visited the address on April 28, his brother Yash Pal claimed that Kanwar has been working at a shoe shop in The Netherlands for the last 12 years and that his family stays in Chogana.
RESPONSE: “I did not own a single share. I don’t know how my name came up. It is Sachin who owned the company,” said Kanwar Pal over the phone from The Netherlands.
Offshore entity: Perfect Ten Group Ltd
MF records show that Kavita Kapilashrami has been holding all 100 shares in Perfect Ten Group Ltd since November 29, 2010. RFG Nominees Ltd (Bahamas) held these shares from November 10-29, 2010.
Perfect Ten Group (BVI) was set up on July 1, 2010 and holds 100 shares in Pythhos Technology Holding (BVI) Inc since its incorporation on November 29, 2010. The other shareholders of Pythhos are BVI companies Park Presidio Ltd (400 shares) and Vivanta Holding Inc (100 shares), US resident MaryLouise K Dowd (100 shares) and Singapore’s Thakral Pte Ltd (1,220 shares since November 30, 2012). Kapilashrami was not available at the listed address in Gurgaon, and neighbours said she had shifted to another residence in the city a few years ago. When contacted, Kapilashrami described herself as “a vedic astrologer” with more than 10 years of experience and said that her husband was an entrepreneur.
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RESPONSE: “I am no longer the beneficiary of Pythhos Technology Holding. I don’t know about Perfect Ten Group,” said Kapilashrami over the phone.
–Abhishek Angad/New Delhi
Rajesh Kumar Gupta
Offshore entity: Southwest Minerals Ltd
MF records show that Rajesh Kumar Gupta, resident of Delhi’s Sainik Farms, is one of the four beneficiary owners of Southwest, which was formed on November 4, 2004. The other three were his cousin Amit Gupta (Shanghai), Xue Qi (Beijing) and Liu Zeng (Beijing), all recorded as residents of China.
Records show that Rajesh Gupta held 8,500 ordinary shares since July 4, 2005 while Amit Gupta held 8,000 shares. Xue held 50,000 shares between November 11, 2004 to July 4, 2005. After July 4, 2005, Xiu held 16,500 shares and Liu held 17,000 shares. Southwest was struck off the registry on April 30, 2015.
RESPONSE: “This is the first time that I have heard of such a company. Amit Gupta is my cousin. We are in the food business and our company manufactures wheat flour. I am the director of Suruchi Foods while Amit Gupta is a shareholder. We have been running this company for more than 20 years. I am a resident of this country. Amit Gupta lives in Sainik Farms, too. He has never lived in Shanghai,” said Rajesh Kumar Gupta over the phone.
–Aditi Vatsa/New Delhi
Offshore entity: Hohan Solutions Ltd
MF records show that Amit Chopra, resident of Manimajra in Chandigarh, has been holding 25,000 shares of Hohan Solutions Ltd since the incorporation of the company on December 30, 2011. Sunil Jamndas Mundra, with a Dombivili (East) address in Mumbai, held the other 25,000 shares. Hohan Solutions Ltd was struck off the registry on December 31, 2013.
The Indian Express visited Chopra’s Chandigarh address on May 1 but was unable to meet him. At the residence, his father R B Chopra refused to provide an email ID or phone number.
RESPONSE: “Amit has got nothing to do with the company that you are mentioning,” said R B Chopra, Amit’s father. He added that his son worked with ICICI Bank but refused to provide any details.
Offshore entity: Lymnside Ltd
British national Nina Rao, an Overseas Citizen of India (OCI) and resident of Delhi’s Defence Colony, and British citizen Pardeep Singh Saroya, resident of Middlesex, acquired Lymnside Ltd and became shareholders and directors on February 6, 2012. The company was struck off on October 31, 2013.
Listed as an NGO consultant on her OIC registration, Rao has been residing in India since 2001. Saroya is a developer based in Southall, UK. The activity of Lymnside was listed as “Entrepreneurial Business Enterprises”.
RESPONSE: “The company was originally set up to explore business opportunities in India and abroad. It was inactive since its inception, never having conducted any business anywhere in the world at any time. It was struck off after the initial set-up fees for registration were not renewed. It never had any bank accounts or assets anywhere in the world,” stated Nina Rao, in an email. She added that she did not inform regulatory authorities in India about the company “as there were no earnings or any business activity or investments of the company”.
–Jay Mazoomdaar/New Delhi
Offshore entity: Park Presidio Ltd
MF records show that Marisha and Rajeev Vaid (Suite E-2, Union Court Building, Elizabeth Avenue and Shirley Street, Nassau, Bahamas) have been holding 100 ordinary shares each since November 29, 2010. RFG Nominees Ltd (Bahamas) held these shares from November 10-29, 2010.
Park Presidio Ltd (BVI) was set up on August 17, 2010 and holds 400 ordinary shares in Pythhos Technology Holding (BVI) Inc since its incorporation on November 29, 2010. The other shareholders of Pythhos are BVI companies Vivanta Holding Inc (100 shares) and Perfect Ten Group Ltd (100 shares), US resident MaryLouise K Dowd (100 shares) and Singapore’s Thakral Pte Ltd (1,220 shares since November 30, 2012).
Marisha Vaid’s listed address is in Sushant Lok, Gurgaon. Rajeev Vaid works as the COO of US-based Boston Analytics in Gurgaon, an employee of the company confirmed.
RESPONSE: When contacted at her Sushant Lok residence, Marisha Vaid confirmed her identity but refused to discuss her links to the offshore companies. Rajeev Vaid did not respond to an email sent to an ID provided by an employee of Boston Analytics.
–Abhishek Angad/New Delhi
Jagpreet Singh Lamba
Offshore entity: Petunia Group Holdings Ltd
Records show Jagpreet Singh Lamba, resident of Delhi’s Defence Colony, is the beneficial owner of Petunia Holdings Ltd. The company was set up on November 18, 2013 as a shelf company. It was acquired on January 6, 2014 and MTC Investments Ltd (Dubai) held one share till it was transferred to Lamba on March 12, 2014.
MCD UAE Ltd, represented by Tara Kelly and Mehul Goradia, acted as the sole director of Petunia Holdings Ltd (BVI). According to minerva-trust.com, Kelly and Goradia are members of the Dubai team of Minerva Trust (Jersey), a corporate service provider.
On June 11, 2015, Petunia Holdings Ltd (BVI) dissolved its subsidiary Aoon Intertrade FZE based in Sharjah International Airport Free (SAIF) Zone due to “slowdown in business”.
RESPONSE: At his Defence Colony residence, Lamba’s wife said he was travelling abroad. Speaking over the phone, Lamba said he would ask his “office to email all the details”. His office is yet to respond. The Indian Express delivered a questionnaire at Lamba’s residence but is yet to receive a response.
–Jay Mazoomdaar/New Delhi