Money routed through S’pore, Seychelles?

This is the first time a connection with Seychelles has surfaced in the multi- crore VVIP helicopter deal

Evidence collected by Indian investigating agencies into the AgustaWestland helicopter deal reveals that kickbacks into the country were routed through a circuitous financial network involving countries like Singapore and Seychelles. For the first time a Seychelles connection has surfaced in the multicrore helicopter deal.

Sources said both Central probe agencies — CBI and the Enforcement Directorate ( ED) — are planning to send judicial requests to authorities concerned in Singapore and Seychelles to get details about certain firms based there. Sources said the CBI is preparing to examine some more private persons in connection with its probe into the deal. The ED is planning to send judicial requests to about six countries in this regard, they added.

The ED recently arrested a businessman Gautam Khaitan in connection with the case. Investigations by the agency revealed that Mr Khaitan had allegedly helped the Anglo- Italian defence manufacturer in facilitating the transfer of kickbacks, approximately 2.16 million Euros, to India. It has also been revealed that Mr Khaitan allegedly introduced European middlemen Carlo Gerosa and Guido Haschke to Satish Bagrodia and Pratap K. Aggarwal, chairman and managing director respectively of the suspected firm IDS Infotech Ltd ( India).

Indian investigators, sources said, suspects the route of stash funds to have originated from Italy and routed through Mauritius, Tunisia, Singapore and Seychelles to India. Mr Khaitan was on the board of Chandigarh- based Aeromatrix and he had resigned from the post after the Italian police started its probe into the chopper deal in 2012. The firm is allegedly a front company for the financial dealings of the copter deal. The ED on July 4 had booked former IAF Chief S. P. Tyagi and 12 others under the Prevention of Money Laundering Act in the helicopter deal case.