Reliance rejects money laundering charge through Singapore-based firm
Reliance Industries Limited (RIL) has rejected allegations of making foreign direct investments (FDI) in certain Indian companies through the Singapore-based firm Biometrix.
Describing the allegation of it being involved in the laundering of "monies" in India as completely false, the RIL said in a statement that these baseless allegations are being repeatedly made in the media and in judicial proceedings, and have been already been responded to.
"The allegations made by Mr. Prashant Bhushan are highly defamatory, false, irresponsible and devoid of any merit or substance whatsoever. These false allegations have been repeatedly made and their regurgitation in the media is fuelling an orchestrated, politically-motivated campaign against us," said the RIL statement.
"The investments by Biometrix were open, transparent and perfectly legitimate transactions in full compliance with the extant regulations. These investments in the Indian companies were made by Biometrix out of loans raised from ICICI Bank, Singapore branch. ICICI Bank has confirmed this fact to the regulators. Regulatory authorities have fully investigated the matter and have found no substance in the allegations of money laundering. The insinuation that this money was from "gold plating" from KG-D6 is completely irresponsible and false," the statement added.
The RIL statement further stated that the allegations made by Mr. Bhushan have been previously made in judicial proceedings in the Delhi High Court and have been appropriately responded to. The letter of Singapore High Commission referred to by Mr. Bhushan forms a part of these proceedings.
"Our legal advisor, Mr. Atul Dayal, was neither the owner nor director of Biometrix, and Biometrix has filed its balance sheets and income tax returns in each year with the regulatory authorities in Singapore. The allegations that ill-gotten laundered money or profits have either been made or that these have been deposited in the accounts of Mr. Mukesh Ambani through Singapore or otherwise are false and are treated by us with the contempt that they deserve," the RIL statement said.
"The allegations relating to surrender of D-29 and D-30 Blocks and transfer of Mr. Chaubey are also false and irresponsible. We are refraining from making any further comment at this stage since the allegations relating to Biometrix are a part of judicial proceedings," it concluded.
(Posted on 01-03-2014)