Kolkata Police Friday conducted ‘raids’ at two different locations of a non-banking finance company named Angela Mercantile Pvt Ltd allegedly linked to former CBI interim director M Nageshwar Rao’s wife. Sources told The Indian Express the ‘raids’ were conducted at the registered office of AMPL on Dr. Rajendra Prasad Sarani and at Salt Lake’s CA block sector 1.
“Kolkata Police has conducted raid on Angela Mercantile Pvt Ltd, a company owned by One Mr Praveen Aggrawal, who has not registered his firm as per law”, Joint Commissioner of Police (crime) Praveen Tripathy told The Indian Express.
“I want to state that I had already clarified regarding this issue through a signed press statement on October 30, 2018. Further, complete details of all property of my family and mine have already been submitted in my annual property return submitted to the government which are available on the Ministry of Home Affairs’ website… I request the media to look into the facts mentioned in the Press Statement of October 30,2018 which are also available in the public domain.
“I deny the linkage of this firm with my family members”, he added.
The company had a registered office in Salt Lake until October 2018. It was incorporated in February 1994. Police are trying to establish a case of “unaccounted money” against Rao and his close associates, sources added.
“Question of unaccounted money does not arise at all,” read a statement issued by Nageshwar Rao, who defended the financial transactions between his wife and the private firm owned by Praveen Agarwal their family friend with all relevant details.
According to sources, records maintained by the Registrar of Companies (RoC) indicate a series of financial transactions between Rao’s wife M Sandhya and AMPL. She had borrowed Rs 25 lakh from AMPL in the financial year ending March 2011, and between financial years ending 2012 and 2014. M Sandhya gave loans amounting to Rs 1.14 crore to AMPL in three tranches — Rs 35.56 lakh in FY 2012, Rs 38.27 lakh in FY 2013 and Rs 40.29 lakh in FY 2014.
Sources claimed police found documents showing that Sandhya, Rao’s wife received money as salary from the company.
“In 2010 my wife Mannem Sandhya took a loan from Angela Mercantile Private Limited owned by Praveen Agarwal, a long time family friend. This sum was used in a joint purchase of a property in Guntur. She later in the year 2011 sold her ancestral agricultural land of 11-17 acres for a sum of 58.62 lakhs and transferred it to Angela Mercantile which after deducting the loan amount and adding interest returned a sum of little over Rs 41 lakh to her,” read the statement.