38.6c New Delhi, India, Saturday, June 22, 2024
Executive

IAF Pilatus Jet Money Laundering Case: ED Raids Multiple Cities

By Bakul      10 August, 2020 06:07 PM      0 Comments
IAF Pilatus Jet Money Laundering Case ED Raids Multiple Cities

On Friday the Enforcement Directorate raided 14 premises in Delhi, Gurugram, and Surat. The raided locations were in connection with its money laundering probe in the purchase of 75 Pilatus basic Trainer Aircraft for the Indian Air Force (IAF) in 2009. To collect evidence under the Prevention of Money Laundering Act (PMLA), the central probe agency is carrying out the action and had filed a money laundering case to probe the deal.

In June 2019 the Enforcement Directorate (ED) had filed a money laundering case against fugitive arms dealer Sanjay Bhandari on the basis of CBI FIR the same month. CBI named unknown official of the IAF, Defense Ministry and Switzerland based Pilatus aircraft limited apart from Bhandari in the deal worth Rs. 2,895 crore.   

In June 2010 the Pilatus dishonestly and fraudulently signed a service provider agreement with Bhandari and entered into a criminal conspiracy with him, which was in violation of the defense procurement procedure, 2008.

CBI said that the agreement which was signed was to get the contract for the supply of 75 basic Trainer Aircraft to the Indian Air Force. CBI further said in its FIR that Pilatus dishonestly and fraudulently signed a Pre-contract Integrity Pact on 12th November 2010 with the Defense Ministry, deliberately concealing the facts about service provider agreement with Bhandari and also the payments made to Bhandari in India and Dubai.

It has alleged that the company made a payment of Swiss Franc 1,000,000 in the account Offset India Solution Pvt. Limited, a company linked to Bhandari, with the Standard Chartered Bank, New Delhi in two tranches in August and October 2010. Additional Rs. 350 crore was also transferred Swiss Francs from 2011 to 2015 in the bank accounts of Dubai based Offset India Solution FZC, also belonging to Bhandari. 

Pilatus bagged the contract on May 24th, 2012 for Rs. 2895.63 crores



Share this article:



Leave a feedback about this
TRENDING NEWS

gravity-of-offence-not-relevant-when-considering-bail-for-juvenile
Trending Judiciary
Gravity of offence not relevant when considering bail for juvenile [Read Order]

Allahabad High Court grants bail to a juvenile in a serious criminal case, ruling that the gravity of the offence is not a relevant factor in bail decisions.

22 June, 2024 11:18 AM
new-anti-cheating-law-enacted-analysis
Trending Executive
New Anti-Cheating Law enacted: Analysis

In-depth analysis of India’s new Anti-Cheating Law, the Public Examinations (Prevention of Unfair Means) Act, 2024, aimed at curbing exam malpractices.

22 June, 2024 11:38 AM

TOP STORIES

women-including-housewife-approach-ncw-against-controversial-ips-officer-gyaneshwar-singh
Trending Crime, Police And Law
Women, including housewife, approach NCW against controversial IPS officer Gyaneshwar Singh

Two women approach NCW against controversial IPS officer Gyaneshwar Singh, citing harassment for tweets based on news reports about his involvement in high-profile cases.

17 June, 2024 03:10 PM
courts-this-week-law-street-journal-s-weekly-round-up-of-sc-anf-hcs-june-10-june-15
Trending Judiciary
Courts this Week: Law Street Journal's Weekly Round-Up of SC & HCs [June 10 - June 15]

Get the latest updates from the Supreme Court of India and the High Courts ! Here’s a round up of the week's top legal stories in a quick, easy-to-read summary.

17 June, 2024 03:29 PM
man-sues-apple-for-5-million-blaming-company-for-divorce-after-wife-discovers-deleted-messages-with-sex-workers
Trending Business
Man sues Apple for £5 million, blaming company for divorce after wife discovers ‘deleted messages’ with sex workers

A UK man sues Apple for £5M, claiming their unclear policy on deleted messages led to his divorce after his wife found texts to sex workers on another device.

17 June, 2024 04:26 PM
ex-karnataka-cm-yediyurappa-appears-before-cid-for-pocso-case-probe-with-protection-of-no-arrest
Trending Crime, Police And Law
Ex-Karnataka CM Yediyurappa appears before CID for POCSO case probe, with protection of 'no arrest'

Ex-Karnataka CM Yediyurappa appears before CID for POCSO case probe, denies allegations, granted ‘no arrest’ protection. Next hearing: June 28.

17 June, 2024 04:46 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email