ED probes UAE firm linked to Sena leader Yashwant Jadhav's family for dubious transactions
India Today
The Enforcement Directorate is probing a UAE firm linked to the family of Shiv Sena leader Yashwant Jadhav for dubious transactions.
Shivsena leader Yeshwant Jadhav, who is under investigation for alleged FEMA (Foreign Exchange Management Act) violations, is now facing an Enforcement Directorate probe for dubious transactions in a firm in the United Arab Emirates (UAE) which belongs to his family. The firm was registered in 2018, the year Jadhav was elected as the Standing Committee Chairman of Brihanmumbai Municipal Corporation (BMC).
Investments and transactions in the Sharjah firm, Synergy Ventures FZC, are being investigated under FEMA.
The Enforcement Directorate (ED) could issue fresh summons to Yashwant Jadhav as he failed to appear before the agency on Tuesday in the FEMA investigation launched against him and his family members. Sources said Jadhav's son had appeared before the agency on Tuesday and his statement was recorded.
Jadhav's son Yatin is a 10 per cent shareholder in the firm, while 90 per cent is owned by another firm named Shauru Trader. The partners in Shauru Trader are sons of Yeshwant Jadhav -- Yatin Jadhav and Nikhil Jadhav.
Sources said a few crores were invested in the firm which was said to be the seed capital, but after that, between 2020 and 2021, a few more crores were received in UAE currency. During questioning by the IT department, it was told that Synergy Ventures FZC was a consultancy firm.
The Income Tax department had earlier this year conducted searches at Jadhav's residence and premises linked to his aides and relatives. The IT department had then found that Jadhav had bought around thirty-six flats in the Bilakhadi Chambers located in Byculla where he resides and had even made cash payments to some of the owners.
Two such owners were based in Canada and the US and both were paid Rs 35 lakhs in US dollars and Canadian dollars through hawala channels. These transactions are being investigated against Jadhav under FEMA by ED.
