Oooops Vijayamma and son dig up SOME dirt
This far I have been alleging that the Sujana groups accounts are very creative and notional to say the least Now YSRs wife and Jaganmohans Mother Vijayaamma has gone one up and practically alleges that the Sujana group is a front group for Chandrababu Naidu
The whole post is from her petiton found at www.sakshitv.com/WP-Naidu%20f.pdf a goldmine for anyone interested in the acts and omissions of C Naidu and his business friends
The Heritage Infra Srichakra merchandising Scam
Heritage Foods and Heritage Infra Developers are 2 companies promoted by Sri.Naidu’s wife N.Bhuvaneswari and son Lokesh. Having common directors, it is these two companies that are primarily responsible for facilitating the wrongdoing of Sri. Naidu and in covering up his illegal transactions, including those involving money laundering and flow of foreign funds into the country.
The modus operandi followed was to transfer assets of Heritage Foods (a widely held public limited company) to Heritage Infra Developers (a closely held private company) at throwaway prices, thereby circumventing regulations to benefit Sri. Naidu and his family.
Heritage Foods and Heritage Infra Developers are 2 companies promoted by Sri.Naidu’s wife N.Bhuvaneswari and son Lokesh. Having common directors, it is these two companies that are primarily responsible for facilitating the wrongdoing of Sri. Naidu and in covering up his illegal transactions, including those involving money laundering and flow of foreign funds into the country.
The modus operandi followed was to transfer assets of Heritage Foods (a widely held public limited company) to Heritage Infra Developers (a closely held private company) at throwaway prices, thereby circumventing regulations to benefit Sri. Naidu and his family.
In 1995, on behalf of Heritage Foods India Ltd., Smt. N.Bhuvaneswari ostensibly purchased 3 acres of land in survey Nos 56 and 57 in Kondapur area for Rs.12 lakhs, under 6 separate transactions of 0.5 acres each. This amounted to apayment of Rs.82/ -per sq.yd.
In 2003, 1286 sq. yds. of this land was sold for 12.8 lakhs at Rs.1,000/ per sq.yd.
In 2003, 1286 sq. yds. of this land was sold for 12.8 lakhs at Rs.1,000/ per sq.yd.
In 2008, Heritage Foods sold the 3.23 acres in the same survey No., i.e. 56 and 57 of Kondapur area to Heritage Infra Developers for Rs.2.85 crores, at less than Rs.1700/- per sq.yd.
This was in a stark and glaring contrast to the then land prices in Kondapur area that are not less than Rs.25,000 per square yard. Interestingly, the actual land holding in this survey number by Heritage foods is only 3 acres but the company sold nearly Ac. 3.34 guntas.
So, it is amply clear and evident that Heritage foods India limited grabbed the land and legalized it
with the help of then Chief Minister none other than Sri. Naidu.
In 1995, Mrs. Bhuvaneswari also bought 928 sq. yds. in Kothaguda village next to Hyderabad for Rs.1.38 lakhs on her name and subsequently in the year 2000, this land was sold to
Heritage foods India limited for Rs.4.64 lakhs. However, inexplicably, the same land was sold in 2008 by Heritage Foods to Heritage Infra for Rs.92.90 lakhs. There are severe discrepancies in the valuation of the lands, which is contrary to any corporate prudence. In any case, the subsequent
transactions ensure there is no doubt as to the object of these exchanges.
In 2008, after the various transfers of assets have taken place to Heritage Infra, 64% of its shares are sold for about Rs.3 crores to Srichakra Merchandising Pvt. Ltd., a company indirectly owned by one Sri. Yelamanchili Satyanarayana Chowdary alias Sujana Chowdary.
Thereafter, Heritage Infra merged with Srichakra Merchandising and changed its name to SCM Infra.
The lands of the company are then mortgaged in June-July 2008 by SCM Infra with Maharashtra’s State Industrial & Investment Corporation Of Maharashtra limited (SICOM LTD) toward a loan of Rs.45 crores. It is significant that the land which only earlier in the year was accepted by Heritage Foods to be worth a little more than Rs.3 crores was the only security for the loan, and this land was valued at a whopping Rs.85 crores.
It is also important to note that this loan which is a debt of the company is given partly to Sri.Sujana Chowdary’s Sujana Towers limited and partly to SCM Infra.
The lands of the company are then mortgaged in June-July 2008 by SCM Infra with Maharashtra’s State Industrial & Investment Corporation Of Maharashtra limited (SICOM LTD) toward a loan of Rs.45 crores. It is significant that the land which only earlier in the year was accepted by Heritage Foods to be worth a little more than Rs.3 crores was the only security for the loan, and this land was valued at a whopping Rs.85 crores.
It is also important to note that this loan which is a debt of the company is given partly to Sri.Sujana Chowdary’s Sujana Towers limited and partly to SCM Infra.
The possibility of coincidence gives way to criminal concert and deliberate design when it is considered that very same Sri.Sujana Chowdary is a sitting TDP Rajya Sabha MP, against
whom there are several other cases pending as well.
The Hawala and money laundering Of Sujana Chowdary
Sri. Naidu and Sri. Chowdary are close associates, often photographed travelling abroad together to raise funds for the party. It is submitted that Sri. Chowdary owns nearly 100 companies, most of which are sham,see http://fraudex-2012.blogspot.com/2011/05/sujanna-group-hidden-companies.html and are merely conduits for the passing of hawala money, that not only partly fund the election expenses of the TDP, but also the lavish lifestyles of its leaders.
The Hawala and money laundering Of Sujana Chowdary
Sri. Naidu and Sri. Chowdary are close associates, often photographed travelling abroad together to raise funds for the party. It is submitted that Sri. Chowdary owns nearly 100 companies, most of which are sham,see http://fraudex-2012.blogspot.com/2011/05/sujanna-group-hidden-companies.html and are merely conduits for the passing of hawala money, that not only partly fund the election expenses of the TDP, but also the lavish lifestyles of its leaders.
It is submitted that the transactions between these companies were so timed to ensure the influx of funds in the run-up to the Andhra Pradesh Legislative Assembly Elections in May 2009.
Importantly, shortly after this transaction, Mrs. Naidu resigned from the company as director. The money that came in cash from Sujana Chowdary was for campaign funding, which was
used in the May 2009 elections.
There exists evidence of 20 companies belonging to Sri. Sujana Chowdary which received large amounts from abroad, which were followed by cash withdrawals at the time of the 2004 elections. It is obvious that the same methods were utilized for the 2009 elections as well.
There are several ingenious ways and means adopted by Sri. Naidu to launder his money through Sri.Chowdary and his group companies. Sri.Chowdary first established a slew of companies to bring Sri.Naidu’s money under the corporate umbrella. Sri.Chowdary created circular transactions among his corporate entities, thereby orchestrating Purchases and Sales entries running into thousands of crores, so that funds could be moved through books of accounts very effectively and without attracting income tax provisions. However, in the process, Sujana Group was forced to face many Excise and Sales Tax cases. Due to the habitual nature of the Group, these cases are litigated at various stages of the appellate legal process. A cursory glance of the modus operandi given below would give more insight to the scheming and structuring of the total money
laundering operations.
The Total Turnover of Sujana Group companies having manufacturing facilities - Sujana Universal Limited and Sujana Metals Limited (the flagship companies of the Group) - for the financial year 2008-09 was Rs.2149.33 Crores. On the other hand, the group companies which indulged in circular operations involving only trading of Steel Produced by group flagship companies amounted to Rs.4639.38 crores. A perusal of Purchases and Sales and Net Profit given below, shows the clandestine operations indulged by the Group:
As against the physical moment of funds of Rs.4425.43 crores on the face of the Balance Sheet, an amount of Rs 435.45 crores was shown as withdrawn as advances. Ostensibly, 2009 elections were funded by Sri. Naidu using the vehicle of Sujana Group and making Sri. Chowdary the beneficiary of the coveted MP post. Sri Chowdary, continued his nefarious activities, setting up the entities even outside India. He used the taxhavens of the Cayman Islands, Mauritius, Hongkong and Dubai for this purpose. The money laundering operations have used the Invoice Financing Facility route, which is in vogue for such kind of operations.
Many of the bribes the Power project Promoters paid for new favourable terms were routed via Sujana Groups Foreign Subsidiaires in the Cyamans Mauritius and Dubai
The modus operandi used by Sri. Chowdary for the quid pro quo beneficiaries of Chandra Babu Naidu Government, has been to accept the tainted money in those countries and in return, invoices would be discounted by the banks/financial institutions in Cayman Islands, Mauritius, Singapore, Dubai or Hong Kong and the monies would be remitted to India as export income and funds would be withdrawn as narrated in the paragraphs mentioned above.
The following are some of the cases registered against the
Sujana Group:
1.Directorate of Revenue Intelligence, Chennai and Vizag:
Notification 53/97, dated 03.06.97 and Order No. 01/2008
dated 16.12.2008
Source www.sakshitv.com/WP-Naidu%20f.pdf
Duty and Penalty
2. Asst. Commissioner of Central Division VI, Customs and
Central Excise, Hyderabad.
Notice V/7215/116/98, ADJN dated 31/07/1998
: Rs.27.10 Crores. Penalty
3. Asst. Commissioner of Central Division VI, Customs and
Central Excise, Hyderabad.
Notice V/7215/7/200 ADJN dated 3/3/2000
: Rs.67.49 Lacs. Penalty
4. Development Commissioner, Vizag
SEZ order No 8/EOUS/ADJ/QPR-242/VSEZ/2005/68 dated
04.01.2006
: Rs 12.24 Lacs. Penalty
5. Commissioner of Customs and Central Excise Hyderabad-1
Order No.SCN92/2008/25.06.2008
Order No. 04/2008 dated 25-6-2008
: Rs 100 lakhs Tax and Penalties
6. Additional commissioner of Customs and Central Excise,
Hyderabad-1
Order No. SCR OR No.89/2008 Hyderabad-1 ADJN,
: Rs.10.20 Crores Duty and Penalty
7. Dy.Commissioner, Panjagutta
Commercial tax order
: Rs.68.41 Lakhs Penalty
8. CTO Srinagar colony,
for assessment year 2003-04
: Rs.5.22 crores Penalty
: Rs. 4.93 crores 9. CTO Srinagar colony,
On Deemed export turnover for FY 2002-03
Penalty:
10. CTO Srinagar colony for AY 2004-05
Rs.49 Lakhs Penalty: Rs.Rs.5.16 crores
11. Fraud case in respect of MoU with NAFED under
investigation of CBI for Rs.43.46 Crores for duty evasion.
In light of the above prima facie evidence of money laundering by Sri.Chandrababu Naidu through the Sujana group of companies, necessary directions are prayed to be issued to Sri Yalamanchili Satyanarayana Chowdary, Chairman of Sujana group of companies to submit to the High Court all the bank statements since 1995 till date in order to facilitate further investigation.
http://fraudex-2012.blogspot.com/2011/11/sujana-group-bartronics-and-heritage.html
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