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The Enforcement Directorate (ED) has provisionally attached property Hotel Holiday Inn located in Aerocity, New Delhi valued at close to Rs 120.20 crore. The agency is investigating a money laundering case against accused Deepak Talwar, his family members and related entities.
ED investigations revealed that Talwar illegally engaged in liasoning and lobbying with politicians, ministers, other public servants and officials of Ministry of Civil Aviation for airlines such as Emirates, Air Arabia and Qatar Airways for securing undue benefits for them.
“Investigation under Prevention of Money Laundering Act (PMLA) was initiated by ED in August 2017 on the basis of FIR registered by Central Bureau of Investigation (CBI) against officials of Ministry of Civil Aviation, NACIL, Air India and unknown private persons. He illegally managed to secure favourable traffic rights for these airlines during 2008-09 at the cost of National carrier, Air India,” an ED press note said.
In lieu of this, these Airlines made payments to the tune of Rs 272 crore to Deepak Talwar during 2008-09. The press note further said, “Talwar created a web of entities owned by him and his family members in India and international offshore havens, to launder Proceeds of Crime of Rs 272 crore received from foreign airlines.”
ED investigations revealed that part of these payments were made to a bank account in Bank of Singapore, belonging to a company Asiafield Limited registered in the British Virgin Islands and beneficially owned by Talwar. “These Proceeds of Crime were layered through a series of international money transfers, to finally integrate in India in Wave Hospitality Private Limited, a company beneficially owned and controlled by Talwar and his family members in the name of his son, Aditya Talwar. These Proceeds of Crime were then utilized in the construction of Hotel Holiday Inn in Aerocity, New Delhi,” said ED.
Talwar had fled the country in 2017 to avoid the investigation. However, he was deported by immigration authority of Dubai on on January 31, earlier this year and was arrested under PMLA. At present he is in judicial custody.
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