Enforcement Directorate questioned Sanjay Chandra, Unitech MD and an accused in the 2G spectrum allocation scam recently over investments made in a tax haven abroad.Chandra, who was recently released on bail in the case, has been questioned by ED twice regarding an investment by his firm worth about Rs 230 crore in the Isle of Man.
Official sources said this transaction came to light during its multi-layered probe into the 2G scam which involves investments in various foreign locations including Mauritius.Online GST Certification Course by TaxGuru & MSME- Click here to Join
A Unitech Company said in a written statement that ED has sought certain information “with regards to our companies in the normal course of investigations. Sanjay Chandra and Unitech Ltd. are co-operating with all the agencies and will continue to do so.”
“Like many other Indian companies, Unitech also has overseas transactions but none of these transactions is illegal and in any manner connected with or relating to 2G telecom matter,” the company statement said.
Unitech, like many other companies from India having subsidiaries outside, has been making investments in various instruments, which is a well-accepted norm. They all are normal business transactions which are no way connected to the 2G, the company said.
ED sources said the transaction relates to Unitech investment for the purchase of a derivative product in the tax haven and, according to sources, the beneficiaries of this investment and the funds used to purchase it are under ED scanner.
Chandra has been asked to explain the inflow and outgo of funds regarding the Rs 230 crore investment.