Poonam Bhandari reveals 'black money' transactions between Lalit Modi, Raje's son

Advocate Poonam Chand Bhandari on Wednesday claimed that former IPL chief Lalit Modi transferred crores of rupees to Rajasthan Chief Minister Vasundhara Raje's son Dushyant Singh by using a fictitious company.

"Vasundhara Raje's son Dushyant Singh and his wife Nihalika created a firm by the name Nihant Heritage Hotel Ltd. Rs 10 lakh was the official capital and they invested one lakh rupees, the price of the share was Rs. 10 (per share). Lalit Modi opened a company called Ananda Hotel Private Limited, he gave Rs. three crore eighty lakhs unsecured loan to Nihant Hotel," Bhandari told ANI.

"After that, he bought shares costing Rs. 10 at Rs. 96, 190 (per share). It means that he diverted almost nine crore rupees plus three crore eighty lakh rupees of black money. These companies are fictitious, you won't find them at the registered addresses," he added.

Bhandari further said that buying the shares at such inflated prices clearly indicate that black money is being transferred from one company to the other.

"These companies do not have any business, you won't even find these companies; there is no profit or loss. Buying a Rs. 10 share at Rs. 96, 190 clearly indicates that black money is being transferred using these companies.I had informed this to the ED and they had said that they would investigate and take the matter to a logical conclusion," he said.

External Affairs Minister Sushma Swaraj and Vasundhara Raje are presently in the middle of a controversy for helping Lalit Modi. While Swaraj is facing criticism for helping Lalit Modi to get documents to travel Portugal, Raje is accused of endorsing his application to stay in the UK.