A firm owned by Rajasthan Chief Minister Vasundhara Raje’s son, Dushyant Singh, a BJP MP from Jhalawar-Baran, has received Rs 11.63 crore from former IPL commissioner Lalit Modi, found a probe, by Enforcement Directorate.
The ED stumbled on a transaction where a part of this money was used to pay Dushyant’s firm, Niyant Heritage Hotels Pvt Ltd (NHHPL), while on trail of Rs 21 crore that Modi’s firm Anand Heritage Hotels Pvt Ltd (AHHPL), had received from Mauritius-based entity, Wilton Investment Ltd.
The payment was made in April 2008, by way of an unsecured loan of Rs 3.80 crore and later by acquiring 815 shares, in two installments. A total of Rs 11.63 crore was transferred to Dushyant Singh’s firm by Modi, through loan and share purchase.
The unusual price which AHHPL offered Dushyant to buy shares in his firm caught the attention of investigators. Modi bought these shares of Rs 10 at a premium of Rs 96,180 each.
Dushyant and his wife Niharika are directors in Niyant Heritage Hotels in which they had invested Rs 50,000 each. The company’s shares were priced at Rs 10 each, when the company was incorporated, in 2005. When Modi purchased the shares, he paid Rs 96,190 for each share. The cost of 815 shares was Rs 7.80 crore.
The ED probe would look into whether NHHPL, when it was sold to Modi and had enough business to justify the price.
“AHHPL gave a Rs 3.80 loan to Niyant Hotels Pvt Ltd. In the next two fiscal years, NHHPL allotted shares to AHHPL at a premium. These are duly reflected in the account books,” Dushyant told TOI.
When asked about his links with Modi and why the later bought shares of Rs 10 at a premium of Rs 96,180, Dushyant said all that was reflected in the account books and he would not like to elaborate further. He said he was “not aware of any enquiry being conducted against us”.