Money Laundering in India: Investigators Arrive in Mauritius

8 years, 3 months ago - July 18, 2013
A team of the Central Bureau of Investigation (CBI) of India arrives in Mauritius as part of an investigation into a money laundering case involving a former Minister of India.

The former minister Janardhan Reddy, currently in custody, suspected of being the head of the companies involved in illegal mining. According to Indian media, Janardhan Reddy have registered a company in Mauritius where his business revenues have been transferred.

Janardhan Reddy led Associated Mining Company in the State of Karnataka and Obulapuram Mining Company in the Andhra Pradesh. It would have created companies abroad, including GJR Holdings Mauritius Limited.

According to the indictment, Janardhan Reddy exported iron ore illegally to foreign companies where he was a shareholder at a price below the value on the international market. These foreign firms are then resold to other countries at the cost of normal. The profits were then transferred to the bank accounts of these foreign companies.

The CBI is in Mauritius to peel the accounts of the company Janardhan Reddy. The Indian authorities are also investigating alleged links between the former minister and other stakeholders in this case, if there would be in Mauritius.

Switzerland, Indonesia and Singapore are also involved in the investigation of the CBI in India.

 

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