ED begins probe against Naveen Jindal, family
14 April 2015 12:44 AM GMT
In another setback for Congress leader and industrialist Naveen Jindal, the Enforcement Directorate (ED) has started probe against him and his family members for flouting foreign exchange laws in operating bank accounts in Singapore. On March 30, 2015, ED had provisionally attached assets worth Rs.2 crore belonging to former Union Minister of State for Coal Dasari Narayana Rao in connection with a coal block scam.
Thereafter the agency registered a case under the Prevention of Money Laundering Act, based on CBI probe alleging that Jindal, who is the director of Jindal Steel and Power Limited (JSPL), in collusion with Rao, obtained a Jharkhand coal block for his companies on false representations.
Sources said the probe agency, sometime ago, received an official communication from financial intelligence unit in Singapore which said that at least four bank accounts held by the Jindals-- Naveen, his two children and wife-- were being operated since 2010 in a Swiss private bank identified as Julius Baer.
The policy provides the framework of such remittances and the compliance to be done by the resident individuals.
“Therefore, in keeping with the terms of the said scheme and strictly in compliance with the said scheme, Naveen Jindal and other family members have remitted the amounts outside India through Barclays Bank, the authorised dealer of RBI,” the spokesperson said.
The spokesperson added that as per rules, the Jindals were not supposed to obtain clearance from RBI directly but it was incumbent on the part of the dealer bank to do so to the banking regulator.
“It is quite evident from the scheme that the applicant is neither required to take any approval from RBI nor furnish information on remittances and it is only the authorised dealer who is required to furnish information to RBI with regard to the remittances made,” the spokesperson said.
Thereafter the agency registered a case under the Prevention of Money Laundering Act, based on CBI probe alleging that Jindal, who is the director of Jindal Steel and Power Limited (JSPL), in collusion with Rao, obtained a Jharkhand coal block for his companies on false representations.
Sources said the probe agency, sometime ago, received an official communication from financial intelligence unit in Singapore which said that at least four bank accounts held by the Jindals-- Naveen, his two children and wife-- were being operated since 2010 in a Swiss private bank identified as Julius Baer.
The policy provides the framework of such remittances and the compliance to be done by the resident individuals.
“Therefore, in keeping with the terms of the said scheme and strictly in compliance with the said scheme, Naveen Jindal and other family members have remitted the amounts outside India through Barclays Bank, the authorised dealer of RBI,” the spokesperson said.
The spokesperson added that as per rules, the Jindals were not supposed to obtain clearance from RBI directly but it was incumbent on the part of the dealer bank to do so to the banking regulator.
“It is quite evident from the scheme that the applicant is neither required to take any approval from RBI nor furnish information on remittances and it is only the authorised dealer who is required to furnish information to RBI with regard to the remittances made,” the spokesperson said.
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