Rucriminal.info continues to tell the details of the criminal case about one of the largest scams related to India's $ 1 billion debt to the USSR. In 2007, as part of Vladimir Putin's visit to India, an agreement was signed that was supposed to resolve the problem of Indian debt dating back to Soviet times in the amount of $ 1 billion. The joint venture Titanium Products Private Ltd (TPPL) was created, in which India was represented by Saraf Agencies Private Ltd, owned by a family of tycoons - S.M. Shroff and his two sons (they are named Saraf). It was planned to build a chemical and metallurgical complex with a capacity of 40 thousand tons of titanium dioxide, 132 thousand tons of titanium tetrachloride, 10 thousand tons of titanium sponge and 108 thousand tons of titanium slag per year. Rosimushchestvo and VEB transferred about $ 60 million to the project. India has allocated large areas of land for the plant. However, all the money from the accounts of the joint venture was stolen, the lands intended for the plant were registered with third companies (controlled by Shroff and his sons), the plant itself never came into being, and the joint venture turned into a "dummy".
In 2010, it became clear that Russia was faced with a scam and it was decided to raise this topic during Dmitry Medvedev's visit to India. Then he was president. Russia decided to ask India to change partners in the project. However, the Shroff family responded by asking for a compensation of $ 120 million.
Information on this case was at the disposal of Rucriminal.info and we continue to publish it.
“At the same time, under unclear circumstances, no later than 10.03.2011 from the TPPL company account, without agreement with the Board of Directors of the organization and without notifying the Russian side, on the basis of documents forged by the accomplices to the account of Saraf Agencies Private Ltd, controlled by Shroff S. M., Saraf R., funds were transferred in an amount equivalent to 20,000,000 US dollars, which at the exchange rate of the Central Bank of the Russian Federation is at least 644,010,000 rubles. US dollars, which at the rate of the Central Bank of the Russian Federation on the indicated date is 448 465 500 rubles. from the account of Saraf Agencies Private Ltd was transferred to the account of the company, the founder of which is Shroff S.M., and the managing director of Saraf R., who were on the Board of Directors of the joint venture from the Indian side.
In addition, the investigation established that the following amounts were withdrawn from TPPL'saccounts in violation of corporate procedures: 288.7 million Indian rupees (equivalent to 271,378 million rubles) transferred in favor of Titanium Mineral Products Ltd T22.12.2009; 250 million Indian rupees (equivalent to 235 million rubles) transferred to the benefit of the company S. 01.03.2010; 1,101.7 million Indian rupees (equivalent to 1,035, 598 million rubles) transferred to Saraf Agencies Private Ltd 23.11.2010.
It was also found that Rs 28.87 crores illegally debited from TPPL accounts to Titanium Mineral Products Ltd were mainly used by Titanium Mineral Products Ltd to repay an unsecured loan of Rs 26.06 crores to related Titanium Mineral Products Ltd. or by the Saraf Group of individuals, namely 10 companies. All of these companies are affiliated with the accused. Rs 25 crores deducted from TPPL T. accounts to Saraf Agencies Private Ltd was used by Saraf Agencies Private Ltd to cover the development costs of the special economic zone in the amount of INR 16.11 crores, to repay the current financial obligations in the amount of Rs 9.75 Indian rupees and unsecured loan repayments of INR 4.36 crores. The expert could not determine the recipient of the expenses for the development of Saraf Agencies Private Ltd and the repayment of current financial obligations under the publicly available financial statements. However, the unsecured loans were paid off under the pretext of investing in capital under construction.
However, the recipient of funds for capital construction in progress cannot be determined based on publicly available information. Thus, the bulk of the funds withdrawn from the TPPL in the amount of INR 750 million (Rs 75 crore) was transferred to the accounts of F.
From the individual financial statements of F. for the period from 01.04.2014 to 31.03.2015 (pages 5, 8, 41) it follows that F. is building a residential complex. In this case, the accused Shroff S.M. and Saraf R. are part of the key management personnel of F.
According to the information available in the materials of the criminal case, F. in 2011 received a bank loan secured by the two land plots she had acquired. The first plot is used for the construction of a 40-storey luxury residential complex. F. in 2011 used funds received from Saraf Agencies Private Ltd to clean up her balance sheet and other vesting in your upcoming project. Funds used by F. for the construction of a 40-storey luxury apartment complex consisted of Rs 198.2 million of his own funds and Rs 750 million from Saraf Agencies Private Ltd. After clearing the balance sheet and investing in her project, F. increased her own creditworthiness, which was necessary to obtain syndicated financing. "
To be continued
Timofey Grishin
Source: www.rucriminal.info
