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Offshore cos based in tax haven countries held majority stake in Siva firms

The CBI in its FIR said that Siva took loans from IDBI bank only not to use it to repay debt for a group firm

Siva Group Chairman C Sivasankaran
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Siva Group Chairman C Sivasankaran

Arindam MajumderShreya Jai New Delhi
A cobweb of shell companies, presence in multiple tax havens around the world, private jets, and powerful friends to help - C Sivasankaran has it all on his resume to be called an oligarch. What he didn't have was a penchant to do business and sustain it.

From picking up millions of hectares of land parcel across the world to investment in his latest ventures- a cab hailing company and a wind power firm bears the same modus operandi- money routed from tax havens but never used for intended purpose. 

The CBI in its FIR said that Siva took loans

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First Published: Apr 30 2018 | 12:22 AM IST

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