Delhi based Mohan India and its sister concern Tavishi Enterprises- led by Jagmohan Garg & J.S Srivastava as company’s director’s, are promoted by an influential business family from north-west Delhi. The group is one of the Defaulters in the NSEL case.
As per media reports , the company had bought 2,16,324 tonnes of sugar for Rs 605.2 crore during the year 2011-12.The total earned profit was approximately Rs.2,044 crore. During the recent NSEL crisis, Mohan India Group was one of the major defaulters of NSEL crisis. Close to Rs. 600 crore, out of Rs. 852 crore that they got, were paid to several unrelated bodies and about Rs. 200 crore to related entities.
More appallingly, Jagmohan Garg, had diverted investors monies to several ventures. Such as the five 5-star hotel – Radisson and,- real estate properties viz. Mera Baba Reality projects in Pitampura and Rohini and a lot more. Jagmohan Garg swindled these funds from these known related entities to unrelated entities.
As per Media reports, it is also said that the money was siphoned off after having been laundered. What emanated out of it was that all the money was directed to the political leaders, those who backed them. In October, 2013, Mohan India agreed to pay Rs.771 crore as final settlement, out of its combined obligation and the deal safeguarded by asset mortgages and penal clauses for the delayed payment obligations.
At present Mohan India is one of the largest defaulters of NSEL and Mr. Jagmohan Garg and Jai Shankar Srivastava have yet to honor their obligation. These habitual defaulters are using their clout to safeguard their ill-gotten assets from money laundered through the Exchange. But the law is catching up fast with such financial criminals and justice should be delivered soon.
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