RJD accuses SuMo of amassing wealth through brother’s shell companies

Patna,(BiharTimes): Rashtriya Janata Dal national spokesperson Manoj Jha on Sunday accused Sushil Kumar Modi’s elder brother Raj Kumar Modi of amassing wealth through corporate subterfuge.

Talking to media here Jha alleged that since Sushil Modi became deputy chief minister in 2005, he amassed property worth thousands of crores through shell companies of his brother Raj Kumar Modi.

He said Sushil Modi had not made any new revelation on Lalu’s family.

The RJD spokesman further said Sushil Modi’s brother Raj Kumar Modi’s flagship company, Ashiana Homes Private Limited, has seven subsidiary companies and two associated companies apart from hundreds of shell companies.

He said the only motive of these companies is converting black money into white.

Jha also said some such companies merge with other group companies after achieving their goals. These companies  have many projects in the National Capital Region and north Delhi.

He said at least 200 of Raj Kumar Modi’s companies have their registered office at 5F Everest, 46/C Chowringhee Road, Calcutta, West Bengal, 700071. Most important, one director in Ashiana Homes Private Limited is Lalit Kumar Chhawchharia. He is considered a master in money laundering. There are many Enforcement Directorate cases against him.

He also alleged that there are great chances that Sushil helped his brother to run the shell companies.

“When the graph of Sushil Modi was rising as deputy CM and finance minister, the graph of the shell companies was equally going up,” Jha said adding R K Modi is managing director and his sons Rohit Raj and Mayank Raj are directors of Ashiana Homes. This company has Rs 400 crore as long- and short-term loans of which Rs 84 crore is zero-interest optionally convertible debentures and Rs 87 crore is redeemable non-convertible debentures. Despite Rs 400 crore loans, the expenditure on paying interest is Rs 4.5 crore only.

According to him Chhawchharia owns Balasoria Holdings Private Limited. As per the 2014-15 balance-sheet, the equity capital was Rs 2.48 crore which was issued on the premium of Rs 65.23 crore. The company was established in 1995 and till March 31, 2015, the company faced accumulated loss of Rs 1.32 crore. How could they get heavy equity premium of Rs 65 crore? Can Sushil Modi and R.K. Modi say something on this? Jha asked.

He also hit back at SuMo over the allegation that AB Exports Private Limited, owned by Lalu Prasad’s younger son Tejashwi Prasad Yadav, received interest-free loans of Rs one crore each from five jewellers.

Before raising question on investment of Rs five crore in convertible debentures, he should explain if it is not correct that his brother’s company’s loan of Rs 400 crore is black money that belongs to Sushil Modi. Can he deny that the money has come through laundering? Jha further asked.

He also asked former deputy CM to explain which bank or market provides Rs 400 crore long-term and short-term loan on yearly interest of one per cent.

If the money has not come through laundering, how come the profit-loss account showed the amount spent on paying interest was just Rs 4.5 crore? SuMo should also explain which market and investor issue Rs 87 crore as secured non-convertible debentures without interest, Jha said.

Jha, who arrived in Patna early on Sunday morning, vowed the RJD would come up with more such revelations about Sushil Modi and his family members.

RJD’s Bihar unit president Ram Chandra Purbey and former MP Jagdanand Singh were also present at the Press conference. They  showed reporters on a laptop how any chartered accountant can get details of any company from the website of the Union ministry of corporate affairs.


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