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Reveal names of investors from Cayman Islands: Congress

Our Bureau New Delhi | Updated on January 17, 2019

File photo of Congress leader Jairam Ramesh   -  PTI

Questions the role of hedge fund set up by Ajit Doval’s son in the tax haven

The Congress has urged the Reserve Bank of India to reveal the details of all investments that have into the country from Cayman Islands, a tax haven. The demand comes in the wake of reports that National Security Advisor (NSA) Ajit Doval’s son Vivek Doval had set up a hedge fund — GNY Asia Fund — in the islands soon after demonetisation.

Talking to reporters here on Thursday, Congress Core Committee member and former minister Jairam Ramesh said ₹8,300 crore came in the form of FDI from the Cayman Islands in 2017-18, which was equal to what was invested in the previous 17 years. “What is the reason for such a huge investment from the Cayman Islands after the notebandi? What is the role of GNY Asia in bringing FDI to the country,” Ramesh asked. He demanded the RBI disclose the details of the investors from the Cayman Islands, adding that the party will write to the RBI Governor regarding the same.

Citing a report prepared by Ajit Doval and three others for the BJP on black money in 2011, Ramesh said the panel had advised caution in the matter of investments from tax havens.

When asked whether Doval should resign, Ramesh said the NSA should first introspect and then implement his own recommendations. “Then we will see if a resignation is needed,” Ramesh said.

Published on January 17, 2019

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