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July 31, 2020

Shushant Death Probe – Why ED is involved? Money laundering? His CA says No siphoning

by Mahesh Mara in Compliance Law

Shushant Death Probe – Why ED is involved? Money laundering? His CA says No siphoning

Not only India but also the world was equally shaken when the news of the death of actor Shushant Singh Rajput came out on 14th June, 2020. From that date till now, numerous stories have surfaced stating what allegedly happened to him. The Mumbai Police as well as the Patna Police was already looking into his death. The Enforcement Directorate is now the third agency after Mumbai Police and Patna Police which will be looking into his death case.

The Enforcement Directorate (ED) will now look into claims of Rhea Chakraborty stealing Rs 15 crore from the actor’s bank account. The ED officials said the agency’s interest was limited to the allegations of mishandling of Rajput’s money and his bank accounts. It would investigate if anyone used his finances for money laundering and creating illegal assets. The ED has sought details about the FIR filed by Sushant’s father on Tuesday.

Sushant Singh Rajput’s, father KK Singh claimed that there were around 17 crores in Sushant’s bank account. There was an allegation that Rhea removed around Rs 15 crore from Shushant’s account and the same was transferred to Rhea’s account or some other fictitious accounts (which are said to belong to Rhea, her brother and her mother). The FIR mentions a “suspicious transaction” worth Rs 15 crore that has piqued the interest of the ED who sought details to look into a possible money laundering angle. “No PMLA (Prevention of Money Laundering Act) case has been registered by ED yet.

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The Directorate of Enforcement (ED) is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India. It is part of the Department of Revenue, Ministry of Finance, Government of India. The prime objective of the Enforcement Directorate is the enforcement of two key Actsof the Government of India namely, the Foreign Exchange Management Act 1999 (FEMA) and the Prevention of Money Laundering Act 2002 (PMLA)

Bihar Police on Thursday reached Kotak Mahindra Bank in Mumbai’s Bandra to seek details of Sushant Singh Rajput’s bank account. Sushant and Rhea who were in a relationship had invested in three start-ups together. Rhea and her brother Showik were directors in the three start-up companies as per details provided by Mumbai Police in their investigation. Two companies had addresses of a flat in Panvel, Mumbai which reportedly belong to Rhea’s father.

The FIR was registered against Rhea in Patna by KK Singh on July 26 on charges of theft, wrongful confinement, fraud, cheating and abetment to suicide. A case was registered under Sections 341 (wrongful restraint), 342 (wrongful confinement), 380 (theft), 406 (breach of trust), 420 (cheating), 306 (abetment to suicide) of the IPC. Patna Police has been asked to research this matter and take action.

The statement of Shushant’s Chartered Accountant (CA), Mr Sandeep Shridhar was taken by the police. He however countered the claim made by Shushant’s family. He stated that Sushant’s net-worth is not as much is claimed by the family and no major transfer was done to Rhea’s account except a few of thousands.

His income had dropped from the last one year. He said that he was handling Shushant’s account for one year and there were no major transactions in the last financial year.

He claimed that the networth in the start of the year and at the end of the year was similar so there could not be a case of such a huge amount being transferred in the last 1 year atleast. He also said that around Rs 4.87 lakhs were transferred to Showik’s account when Shushant, Showik and Rhea were travelling together as expenses to be paid.

He would spend on shopping and further expenses like rent and other things like travel which they travelled together. He also said that Rhea’s mother had transferred around Rs 33,000 to Shushant’s account.

Break up of expenditure provided:

  • Rs 2.78 cr from jan 2019 to june 2020 GST Plus income tax
  • Rs 61 lakh Kwan (a talent management company payment)
  • Rs 2 crore term deposit in kotak Mahindra
  • Rs 60 lakh rent
  • Rs 3.87 lakh to estate agent
  • Rs 26.40 lakh rent for Lonavala farm house
  • Rs 4.87 lakh for expenditure while they travelled together
  • Rs 50 lakh for foreign tour
  • Rs 2.5 crore Assam to Kerala tour
  • Rs 9 lakh donation to Milap

{Reference online sources}

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