Dubious Deals Bared

The liquor major, in an earlier enquiry by the DCA, had said that an advance of Rs 50 lakh to Nem Chand had been adjusted on account of a total outlay of Rs 18 crore for the purchase of certain investments for development real estate and property companies.

When DCA tried to ascertain whether the transactions with Jain had actually taken place, the regional director (Calcutta) was apprised by the general manager of the Guwahati bourse said that Jain's house was locked.

The general manager later informed that Jain's rented house was sealed by income tax authorities. DCA was further informed by the Guwahati exchange that Jain "is not a trading member, and no transaction had been entered into in the Guwahati Stock Exchange floor till date, and his transaction, if any, had not been made or recorded."