Noida moneybag’s funds suspected to be housed in Singapore
3 Dec 2014 1:16 AM GMT
Evidence is emerging that the moneybag engineer-in-chief of all three industrial development authorities of Gautam Budh Nagar district – NOIDA, Greater NOIDA and Yamuna Expressway IDA –Yadav Singh, has parked his ill gotten wealth in the tax haven of Singapore. Investigations have revealed that in the past seven years he made at least a dozen visit to the South East Asian city state. Of these visits, only on two occasions he duly informed the government whereas on the other occasions, it was without official information and permission.
Meanwhile, tightening the noose on Singh’s accomplices, the I-T department on Tuesday visited the residence of one of the authority officials, located adjacent to Yadav Singh’s bungalow in Noida’s Sector 51. Singh and his wife have been taken to Rajasthan for further questioning as the duo is reported to have invested several crores in the state’s real estate sector.
As per the sources, Noida Authority’s top wheeler-dealer, who is alleged to have earned more than
one thousand crores during previous BSP regime in the state, informed government about his trips to Singapore in year 2007 and 2009 but kept the later visits under wraps. If sources are to be believed, Singh, during his consecutive trips, stored his unaccounted money in Singapore.
‘The IT department, during its raids, has found that the engineer has nexus in foreign nations as he was used to send money through Hawala (clandestine) routes,’ said a department source.
Notably, Singapore, a sovereign city state, was placed on 5th position in Financial Secrecy Index in 2013. India shares DTAA that is Double Taxation Avoidance Agreement with Singapore meaning money once taxed there cannot be taxed in India. ‘Since Singapore doesn’t have a rigrous regulatory mechanism to check inflow of clandestine funds, money is easily routed there through Hawala channels and then routed back after paying the taxes,’ a Noida-based ‘Singapore investment expert’.
Sources also claimed that apart from Noida’s assets, Singh has a farm house in Chattarpur area in the national capital, commercial as well as residential property in Agra, star rated hotel in Jaipur, and several companies in Kolkata in names of his wife, whom, he has officially divorced but lives with her. Investments in these deals have been made from the money which was brought back to India after paying tax abroad.
Meanwhile, tightening the noose on Singh’s accomplices, the I-T department on Tuesday visited the residence of one of the authority officials, located adjacent to Yadav Singh’s bungalow in Noida’s Sector 51. Singh and his wife have been taken to Rajasthan for further questioning as the duo is reported to have invested several crores in the state’s real estate sector.
As per the sources, Noida Authority’s top wheeler-dealer, who is alleged to have earned more than
one thousand crores during previous BSP regime in the state, informed government about his trips to Singapore in year 2007 and 2009 but kept the later visits under wraps. If sources are to be believed, Singh, during his consecutive trips, stored his unaccounted money in Singapore.
‘The IT department, during its raids, has found that the engineer has nexus in foreign nations as he was used to send money through Hawala (clandestine) routes,’ said a department source.
Notably, Singapore, a sovereign city state, was placed on 5th position in Financial Secrecy Index in 2013. India shares DTAA that is Double Taxation Avoidance Agreement with Singapore meaning money once taxed there cannot be taxed in India. ‘Since Singapore doesn’t have a rigrous regulatory mechanism to check inflow of clandestine funds, money is easily routed there through Hawala channels and then routed back after paying the taxes,’ a Noida-based ‘Singapore investment expert’.
Sources also claimed that apart from Noida’s assets, Singh has a farm house in Chattarpur area in the national capital, commercial as well as residential property in Agra, star rated hotel in Jaipur, and several companies in Kolkata in names of his wife, whom, he has officially divorced but lives with her. Investments in these deals have been made from the money which was brought back to India after paying tax abroad.
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