The company which gave loans to Robert Vadra got undue tax benefits from Congress government…why?

If anyone made their profits jump 600% in a period of 5-6 years during Congress rule, it is Robert Vadra. Robert Vadra who is the son in law of Sonia Gandhi is accused of getting undue benefits from every government machinery to private companies who helped him buy lands, get loans without interest and make huge profits.

There has been various cases against Robert Vadra in illegal land deals, for holding benami properties which are being investigated by the Income Tax and Enforcement Directorate. Now a new investigation has again showed that A company had provided massive loans to Robert Vadra to buy a land in Bikaner for which the company got huge income tax relief from the Income Tax Settlement Commission.

First question is why should a private company get tax benefits for lending loan to Robert Vadra?

According to investigative report by The Indian Express on Friday, the Enforcement Directorate sought details from the Settlement Commission on transactions by Bhushan Power & Steel Limites (BPSL), where the company had given a loan of Rs 5.64 crore in 2011-2012 to a Delhi-based firm – Allegeny Finlease Pvt. Ltd, which then bought land in Bikaner on behalf of Vadra-owned Sky Light Hospitality.

The report further revealed that around the same time, the income tax panel passed an order, acknowledging a counter-complaint filed by BPSL against the Income Tax Department after the tax department issued a show-cause notice to the firm demanding additions to its income for financial years 2004-05 to 2011-12 to the tune of Rs 800 crore.

As per the new order, Bushan Power and Steel Limited was given immunity from future prosecution and penalties and its quantum of income addition was reduced from Rs 800 crores to Rs 317 crores, resulting in a huge relief of Rs 500 crores and also relief from prosecution and penalty.

The chairman of the Income Tax Settlement Commission, Akhilesh Prasad, said he does not remember the details of the order as it was passed over five years ago, the Indian Express report stated.

In April 2018 the ED had seized the Bikaner property of Robert Vadra for the illegal dealing involved. The land belonged to Robert Vadra’s close aideJaiprakash Bagarwa. Jaiprakash Bagarwa was the main land dealer who was directly associated with Mahesh Nagar, the person who is dealing with Robert Vadra lands such as Skylite Company and other properties of Vadra.

The Bikaner land scam is a land grabbing case, in which fraudsters in collusion with the state governmentofficials got allotted land on the name of fictitious individuals (who were non-existent) which was actually earmarked for people who got displaced due to the creation of Mahajan Field Firing Range.

The fraudsters created forged allotment letters purported to be issued by the Colonisation department and 1422 Bigha land was recorded in revenue record in the name of these fictitious allottees without due verification of these allotment letters from the department.This land was bought by the Vadra Company and then in turn sold for 4 to 5 times of profit.The son in law of Congress party has made huge profits from this land .

So in simple terms, Vadra got huge loan from a company with minimum or no interest and then the land rates were exorbitantly increased with the help of Government and land mafia and Vadra finally sold the property for 4-5 times more than what he paid.

The ED had also reportedly issued a notice to a firm allegedly linked to Vadra as part of its investigation into the alleged land scam.The ED had earlier on May 6, 2017, conducted searches at eight premises in Bikaner and nearby areas in connection with the case.The ED registered a money laundering case against certain real estate developers and the Rajasthan government officials to probe the Bikaner land scam.The investigation is related to the purchase of 275 bigha land allegedly by the company in the Kolayat area of Bikaner.ED said in their statement that Skylight Hospitality bought 69.55 hectares of land for 72 lakhs and then sold it for three years at 5.15 crore rupees. In this way, the company got huge profits of Rs 4.43 crore.

This is how Robert Vadra is making money in the name of purchasing lands. Get huge amount of loans from big companies without any guarantee, buy agricultural, industrial lands of less amount, then manipulate the government policies to increase the land rates, sell the land for 5- 10 times more money than paid, make huge profit.

Zero investment, zero risk but huge profit and call yourself poor Farmer!

Credit: The Indian Express

Power Punch


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