Daijiworld Media Network - Bengaluru (SP)
Bengaluru, Apr 15: The Panama papers recently leaked by the International Consortium of Investigative Journalists (ICIJ) have revealed that not less than 31 families from the city have made investments in different companies based in British Virgin Islands, which has earned the dubious distinction of being a tax haven.
It is as yet unclear whether these investments were made through legal channels. The fact that the list does not contain names of any politicians has given rise to suspicions about the credibility of the list. As per information, most of these investors are corporate businessmen.
In addition to liquor baron, Vijay Mallya, who has gone abroad without arranging to repay overdue loans amounting to over Rs 9,000 crore to different banks, names of former finance officer of UB Group, Ayani Kurussi Raveendranath Nedungadi, former managing director of UB Holdings, Atikukke Harish Bhat, and former chief finance officer of United Spirits, Padai Anantasubrahmanyan Murali, figure in the list of city investors.
As per leaked documents, Raveendranath Nedungadi happens to be a shareholder in Modesto Group. The enforcement directorate, when investigating the role of Vijay Mallya in money laundering case, had questioned Raveendranath Nedungadi. It is said that Harish Bhat and his wife, Brinda Bhat, have invested in British Virgin Islands-based company, Horizon Ltd, while P A Murali and his wife Rukmini Murali have invested in Diamond Dust.
In addition, two Ballari-based families of mining barons happen to be among the investors from the city, as they had provided the city address during investments. Some of the names from the city which have invested in real estate, floriculture, technology, infrastructure and banking etc are A K R Nedungadi, Anand Reddy, Mareddy, Gangi Reddy, Anil Singh and Nitin Panchmal, Ashok Madhav, Alok, Alpana, Shivangini Bhartiya, Bhavaniprasad Tapal, Bollachettira T Appachchu, Vijay Mallya, H J Shivani and M J Shivani, Harish and Brinda Bhat, Jayashree Ralhan, Kapil Sarin, Karuthoori Ramakrishna Mayumat, Nagaraj, Ravi, Sangamanat Kurugod, Munakutla Ramalaxmi, Murali P A, Rukmini Murali, Muttuswamy Poobalan, Pavan Arun Salve, and Pradeep Ramanarasimha Shetty Kare.