Page 152 - ELT_1st July 2020_Vol 373_Part 1

62 EXCISE LAW TIMES [ Vol. 373

RAKGT were also forwarded along with the books of M/s. KRBL DMCC to M/s.
KRBL Ltd. on a quarterly basis for integration of financials for declaration of
quarterly results of M/s. KRBL Ltd. The said M/s. KRBL DMCC and M/s.
RAKGT were controlled by the same person.
8. It was also revealed that in the books of account of M/s. RAKGT,
two ledger accounts in the name of (i) Omar Ali Balsharaf-DO and (ii) Omar Ali
Balsharaf-GK were maintained. From the ledger account, maintained in the name
of Omar Ali Balsharaf-GK, it transpired that M/s. RAKGT had received money
directly from M/s. Interstellar Technologies Limited, Mauritius and other com-
panies including M/s. Carisma Investment Ltd., M/s. Choice Point Trading,
M/s. Duet Ltd., M/s. Future Key Trading, M/s. High Image Trading, M/s.
Windsor-Group Holdings etc., but the same was incorporated in the ledger ac-
count titled as Omar Ali Balsharaf- GK. Related documents to explain nature and
purpose of transactions are still awaited.
9. Thus, from the investigation it was revealed that funds to the tune of
Rs. 110 crores have been received by M/s. RAKGT from various companies. Al-
so, said amount has been parked in the accounts of M/s. RAKGT from various
companies, maintained in the ledger accounts of M/s. RAKGT under the head,
M/s. Omar Ali Balsharaf-GK, whereas, said funds have been received by M/s.
RAKGT from different companies other than Omar Ali Balsharaf. Thus, ill-gotten
money is suspected to be parked in accounts of M/s. RAKGT under the ledger
entries of M/s. Omar Ali Balsharaf-GK, who is a major shareholder in M/s.
KRBL Ltd.
10. While examination of Mr. Anoop Gupta and Mr. Anil Mittal in the
investigation of another case, bulk trading of shares of M/s. KRBL owned by
Omar Ali Balsharaf and Abdullah Ali Balsharaf was carried out on 12-2-2018,
through Bombay Stock Exchange (hereinafter referred to as “BSE”), i.e. respond-
ent No. 4, which seems to be an attempt to shift suspected proceeds of crime, af-
ter initiation of investigation with regard to role of M/s. KRBL, M/s. KRBL
DMCC and M/s. RAKGT, to frustrate further proceedings under PMLA during
the pendency of investigation, which was put on hold with the BSE on 13-2-2018.
11. Further, Mr. Anoop Gupta, Director of M/s. KRBL in his statement
recorded under Section 50 of the PMLA also stated that said money belongs to
M/s. Omar Ali Balsharaf, which was sent by him to M/s. RAKGT as loan but no
related documents have been provided to conceal exact nature of transactions
between M/s. RAKGT and Omar Ali Balsharaf. Further, no clarification about
maintaining two ledger accounts in the name of Omar Ali Balsharaf-DO and
Omar Ali Balsharaf-GK in the books of account of M/s. RAKGT was given,
which shows that all ill-gotten money has been parked in the books of account of
M/s. RAKGT under the head Omar Ali Balsharak-GK. Thereafter, vide letter
dated 27-2-2018, Mr. Omar Ali Balsharaf was asked to provide details of their
dealings with M/s. RAKGT and communications related to the share trading
and their response is still awaited. Also, Mr. Omar Ali Balsharaf and Mr. Abdul-
lah Ali Balsharaf were summoned vide summons dated 14-3-2018 and contacted
by telephone on 14-3-2018 seeking information about details of share transactions
dated 12-2-2018 but their response is still awaited, despite the fact that they had
expressed their interest in explaining the details and providing required infor-
mation/documents. They also proposed to send their youngest brother Mohd.
Balsharaf to provide required documents/information.

EXCISE LAW TIMES  1st July 2020  152