SmartWorks = Smart Scam works?

Is the MCA (Ministry of Company Affairs) barking up the wrong tree in its investigation of “shell” companies which amassed INR 450 Crore during the months of demonetization?

According to the MoneyControl report… For instance, GreatGains Stock Trading Pvt, which has no relation with the broking or stock advisory business, deposited Rs 99 crore in cash. Jubilant Mechantile Pvt admitted to laundering around Rs 98 crore, Lavender Impex Pvt around Rs 90 crore and StarBright Pvt about Rs 95 crore.

Similar growth in capital happened at Smart Work Business Centre Private Limited whose owner/ promoter Ghanshyam Sarda has already been linked to the UCO Bank scam, and whose son Neetish Sarda has been named in the FIR filed by Alibaug police for alleged abetment in the murder/ suicide of an architect.

According to documents in the possession of investigating agencies, Smart Work Business Centre Private Limited, the main business of the company being to provide rental space and services to corporate house throughout India since 2015. This is a Company where they are alleged to be syphoning off funds and not paying GST and taking out Cash.

  1. Incorporation of the Company in December 2015 and the authorized capital increased from Rs.1.00 Lac to Rs.75.00Crores and paid up capital from 1.00Lac to 68.86Crores.
  2. Details as under;
    smartworks
  3. These documents also suggest that the increase in Capital has happened after demonetization. All the capital increases has happened though Jama Kharch companies. (NS Niketan LLP, SNS Infrealty LLP and Mansoul Commercial (P) Limited.
  4. These are Chit Fund / Benami “shell” Companies where they are getting work done through 1000’s of payable vendors and not paying them.
  5. An enquiry should happen that they have made offices all over India and monthly payments of any suppliers have not been made for almost a year. Many more deaths will happen if immediate action is not taken.
  6. One such supplier has committed suicide with his mother and there will be many such cases of 1000’s people have invested their life savings to supply materials and have invested money in the Company. A FIR has already been registered under 306 in Alibaugh Police Station, Maharashtra.
  7. Already CBI has registered a FIR – Case against Ghanshyam Sarda, father of Neetish Sarda in loan taken from UCO Bank.
  8. Ghanshyam Sarda it has been alleged in the documents with the agencies to have defaulted on loans with UCO bank/State Bank of India/ Oriental Bank of Commerce for more than 100 Crore.

Connecting the Dots

There’s a fine line that connects Kolkata businessman Ghanshyam Sarda, against whom a whistleblower has urged the CBI to take action as per DNA newspaper, with son Nitesh Sarda. In the report ( link to previous post) in the alleged INR 621 Crore UCO Bank scam, an investigation that has been dragging on for 5 years, Sarda’s name features prominently.

Not coincidentally, Nitesh Sarda’s name and his company Smartworks, finds mention in the co-accused list along with Arnab Goswami ( CEO of Republic TV) in the FIR filed by Alibaug Police. The FIR was filed basis of the suicide note of architect Anvay Naik and alleged abetment charges filed by his wife Akshata.

This slideshow requires JavaScript.

Interestingly, both father and son find business connect via Vision Comptech as per company records.

While two names appear in the company details for SmartWorks.

Could the transactions between Smartworks leading to its architect’s suicide, fraudulent loans from UCO Bank, and holdings in Vision Comptech be more than a coincidence?

Is there more connecting father and son than family ties?

Are Investigation agencies such as ED, CBI, SFIO and Economic Offences Wing close to lifting the corporate veil and revealing nefarious design?

Piecing together a Smart Sarda Scam

fraud.jpg

Ghanshyam Sarda (born August 1959 in Calcutta, India) is a Calcutta-based businessman and owner of INR 2500 Crore Sarda Group of Industries, comprising of Alwar Jute Mill, Agarpara Jute Mill, Axsys Technologies, Vision Comptech. But that’s not all!

While a self promoting wiki maintains the glorious picture here, www.ghanshyamsarda.net, there is more that meets the eye in this tycoon’s fortunes. For instance, according to a whistleblower report carried on DNA newspaper, there’s a INR 200 Crore scam that has been awaiting investigation for over 4 years.
See report below:

Interesting point to note is the mention of Mirador, a shell company and property in Maharashtra.

http://www.dnaindia.com/india/report-cbi-sitting-on-uco-bank-scam-worth-rs-200-cr-whistleblower-2621783

Even after four years of probe, the Central Bureau of Investigation (CBI) has not registered a case against former chairman-cum-managing director of UCO Bank Arun Kaul for allegedly providing loans to Calcutta-based industrialist Ghanshyam Sarda, the owner of Sarda Group of Industries, and has stopped investigation into the matter, alleged a whistleblower in a complaint to the Finance Ministry. The whistleblower alleged that the scam amounts to around Rs 200 crore.

In 2011, Ghanshyam Sarda had taken a credit facility of more than Rs 46 crore from UCO Bank in the name of Mirador Commercial from its corporate branch at Parliament Street in New Delhi, even as other accounts with other banks were declared Non Performing Assets (NPA). The whistleblower, who is a bank employee, alleged that Sarda got the loan on the back of “a healthy and financial relationship with Kaul”. Last month, CBI booked Kaul, Infra’s chairman Hem Singh Bharana and a few others in connection with an alleged Rs 621-crore loan fraud, which has caused a loss of over Rs 737 crore to the Bank.
It is alleged that Mirador is a company registered and based in Kolkata, the property given as collateral is in Maharashtra and the bank facilities have been availed from Delhi.

“The money was used to purchase a sick company registered in Board for Industrial and Financial Reconstruction (BIFR), Chennai,” the complaint stated. Interestingly, the collateral (in Maharashtra) was one of the assets that was purchased with the loan given by UCO Bank itself. Post which, as expected, the account became NPA within six months, it is alleged.

The CBI had registered a preliminary enquiry into matter in 2014. An audit by the Bank clearly pointed out that it had an exposure without any asset or security (with the bank).
“The directors in the company Mirador are just employee directors or dummy director and no personnel guarantee was taken from them. The directors have admitted that the person handling them and the owner of the company is Ghanshyam Sarda,” the complaint stated.

Allegedly, the CBI stopped probing the case after the investigating officer was transferred out. The matter was being handled by an officer named Ruby Chaudhary, and she had gone in to too much details, related to Ghanshyam Sarda and money trail leading to Singapore through Hawala. Subsequently, the officer was transferred as she had linked the web of companies maintained by Sarda, the whistleblower alleged.

Nitesh Sarda of Smartworks is Ghanshyam Sarda’s son, more about him in the report below:

https://economictimes.indiatimes.com/small-biz/startups/smartworks-this-startup-packages-services-into-co-working-spaces/articleshow/60215206.cms

And his naming as an accused in the alleged murder-suicide of Mumbai interior designer Anvay Naik and his mother, as per report below shows another thread of the scam which is unravelling…

https://www.indiatoday.in/crime/story/fir-against-arnab-goswami-2-others-for-abetting-suicide-1227835-2018-05-06

Interestingly, Sarda’s daughter married Mumbai share trading icon Amitabh Jhunjhunwala’s son in a glittering event

https://photogallery.indiatimes.com/events/mumbai/celebs-at-prerna-ghanshyam-sardas-wedding/articleshow/11682920.cms

How long will the nexus of influence, money, and property, keep authorities at bay?