Today, it is embarrassing to be linked to former IPL boss Lalit Modi through a business deal. Yet Dushyant Singh, MP and son of Rajasthan Chief Minister Vasundhara Raje has certain logical defences against accusations that he is a beneficiary of Lalit Modi’s largesse that was obtained via Mauritius in a suspect case of Foreign Exchange Management Act (FEMA) violations.
A court had earlier struck down investigations under Money Laundering Act leaving Enforcement Directorate to pursue deals under FEMA.
Modi’s Ananda Heritage Hotels Private Ltd is facing accusation of giving Rs 11.63 crore to M/s Niyant Heritage Pvt Ltd which included Rs 3.8 crore as unsecured loan.
Dushyant is inheritor of massive royal properties as he is erstwhile prince of Dholpur, a jat state. The properties in Dholpur, Lucknow and Delhi, by most conservative estimates are worth Rs 500 crore.
Dushyant and his wife, Niharika held 5000 shares each of the private limited company M/s Niyant Heritage Pvt Ltd.
Out of these 815 shares were transferred to Ananda. Since Dushyant repaid loan and also paid interest on loan, roughly Lalit Modi paid Rs 10 crore to acquire about eight per cent shares of Dushyant’s company.
The market value of these eight per cent shares, as per most conservative estimates, should be Rs 40 crore and could go as high as Rs 80 crore. So, Dushyant does not appear as a big gainer in the deal.
So, could it be possible that Dushyant wanted Modi to be out of his company leading to friction between the two? It is for Modi to explain how he got the money from Mauritius company.
And unless he admits that it was certainly bribe money that he gathered during Raje’s tenure and routed it through laundering via Mauritius, there is little that will nail Raje or his son. Inquiries into these deals were initiated during the UPA rule at Centre and Congress government in Rajasthan.