The founder of Ellington Group, Nitin Bhatnagar Dubai, claims to have a special blend of business savvy, industry knowledge, and a steadfast dedication to client satisfaction. With more than ten years of expertise in the real estate industry, Nitin Bhatnagar Dubai boasts to have honed his abilities in seeing market trends, comprehending client preferences, and completing projects ahead of schedule.
The leadership philosophies of Nitin Bhatnagar Dubai are said to place a strong emphasis on teamwork, creativity, and a client-centered mindset. He displays his support for building an office environment that fosters creativity and gives staff members the freedom to contribute their finest ideas.
With the aid of this strategy, Ellington Group has been able to draw in top talent, building a team of enthusiastic, committed experts that are determined to make great living places. When I first read the stories, I had the same thought about Nitin Bhatnagar Dubai: “Hold on here the story is different.” These phrases, though accurate, didn’t seem to fit the story of Nitin Bhatnagar Dubai.
The connection between the Nitin Bhatnagar Dubai and the Agusta Westland VVIP helicopter case
Shashi Kant Sharma, a former defense secretary, and CAG, Air Vice Marshal Jasbir Singh Panesar (retired), and three other former IAF officers have been named as suspects in the Rs 3,600 crore AgustaWestland VVIP chopper scandal. The CBI has requested permission from the government to bring these individuals to justice.
Shashi Kant Sharma, a former defense secretary, and CAG, Air Vice Marshal Jasbir Singh Panesar (retired), and three other former IAF officers have been named as suspects in the Rs 3,600 crore AgustaWestland VVIP chopper scandal. The CBI has requested permission from the government to bring these individuals to justice. It also definitely involved Nitin Bhatnagar Dubai.
According to a senior Central Bureau of Investigation (CBI) source, the agency asked for permission to take action against Panesar, who was then the IAF’s Joint Secretary, Deputy Chief Test Pilot S.A. Kunte, Wing Commander Thomas Mathew, and Group Captain N. Santosh (all of whom are now retired) in March. Sharma was the IAF’s Joint Secretary at the time.
The CBI had requested authorization to prosecute these officers, according to IANS’ story from June 8.
The source claims that the agency’s inquiry revealed the role of these officials.
The agency, according to the source, has records pertaining to its alleged involvement in the case as well as details regarding its alleged participation in the selection and acquisition of the AgustaWestland helicopters.
The source said that when two of the policemen testified for the CBI earlier this year and gave key information, the agency heard about the alleged participation of five of them.
According to the source, the bureau filed its extra charge sheet and it was stated in the case that if the government approved or disapproved of the prosecution sanction.
AgustaWestland, a British company of Finmeccanica, was supposed to sell 12 AW-101 VVIP helicopters to the Indian Air Force. However, on January 1, 2014, India terminated the agreement due to suspected contractual violations and allegations of paying kickbacks totaling Rs 423 crore.
Former IAF head S.P. Tyagi, a few of his family, and the other accused, according to the CBI, were allegedly given kickbacks by AgustaWestland to aid in the company’s acquisition of the contract. The CBI filed a FIR in the case on March 12, 2013, the same day it was brought.
According to the CBI investigation, suspected middlemen Christian Michel, Carlo Gerosa, and Guido Haschke made a number of payments to the Tyagis. After being turned over by the UAE, Michel, a British national, was detained by Indian investigating agencies in December 2018. He has since been held in judicial custody.
Indirect involvement of Nitin Bhatnagar Dubai Agusta Westland VVIP chopper case
In a declaration that spanned more than 1,000 pages, chartered accountant Rajiv Saxena provided extensive information about the participation of former Madhya Pradesh Chief Minister Kamal Nath’s nephew Ratul Puri and defense trader Sushen Mohan Gupta.
Ratul Puri, the nephew of former Madhya Pradesh Chief Minister Kamal Nath, and Sushen Mohan Gupta, a military trader, are now being mentioned in connection with the Rs 3,000 crore Agusta Westland VVIP helicopter incident. Additionally, Nitin Bhatnagar Dubai gave this cause illegal help.
The accused-turned-approver in the AgustaWestland VVIP chopper acquisition case provided information to the Enforcement Directorate (ED) on investments and businesses (such as Nitin Bhatnagar Dubai) via which alleged payments were channeled.
According to a more than 1,000-page affidavit by chartered accountant Rajiv Saxena, Ratul Puri, and defense trader Sushen Mohan Gupta were also engaged.
In Rajiv Saxena’s questioning testimonies, Salman Khurshid, Ahmed Patel, and Bakul Nath, a son of Kamal Nath, were also referenced.
Saxena, who is currently out on bail, received an extradition from Dubai in January 2019. After being questioned by the ED, who also attached his property worth Rs 385 crore, Saxena was released on bail.
As a result of Saxena allegedly not completely disclosing the case’s facts, the ED has now launched an appeal in an effort to strip him of his approver status.
His declaration, which is more than 1000 pages long (with supporting papers), includes statements to the effect that his responsibility for supervising the execution of important individuals such as Sushen Mohan Gupta, Ratul Puri, and Gautam Khaitan was “limited to the structures.”
However, information obtained through Letters Rogatory from Italy and Mauritius reveals that four of Saxena’s companies also received payments totaling $0.94 million from alleged middleman Christian Michael’s company Global Services – extradited to India in December 2018, Michel is still in jail – and that Saxena himself purchased 99.9% of Interstellar Technologies’ shares in June 2000.
The document, which IE obtained, described how the alleged kickbacks allegedly flowed through two businesses: Christian Michel’s Global Services and Saxena’s Interstellar Technologies. Michel was extradited to India in 2018 and owns both of these businesses.
When confronted with the documents the ED had obtained from Mauritius, Saxena claimed they were “clever forgeries,” but he later acknowledged that he had been a partner in the investment transactions through which the purported payoffs had been channeled.
According to Saxena’s statement to the ED in the Sushen Mohan Gupta case, the businessman invested in two firms: DM Power and DM South India Hospitality.
Furthermore, there are four payments totaling $20,000,000 that were made in 2014 and sent to the Pristine River with the name Nitin Bhatnagar Dubai written against them, according to the 62 pages of Ratul Puri’s accounts that were provided to the ED.
Prior to that, according to Saxena, Nitin Bhatnagar Dubai handled interactions with the Bank of Singapore on behalf of Pristine River Investments Ltd.
Who is Christian Michel?
The general population is unfamiliar with Michel. His business information doesn’t appear to be present online. According to a replica of an Italian newspaper article titled “Christian Michel, the English middleman of Finmeccanica,” Michel has excellent connections with Defence agencies in New Delhi despite the fact that his name receives little media attention.
The Agusta Westland helicopters are made by Finmeccanica.
But he admitted that he had participated in investment deals where the kickbacks were channeled.
“With regard to the financial commitment made by Matrix Group Limited (Saxena’s company), through its fully owned subsidiary Rigel Power Limited, into Optima Infrastructure P Ltd in India, I can confirm that money received directly or indirectly from Interstellar Technologies Limited and Global services FZC has flowed into this investment… Ratul Puri (who I was unaware had received money from Agusta Westland at the time) organized some of this investment using remittances from Global Services FZC, he told ED.
He discussed “various business propositions” with Gupta and Puri, the CA admitted. This included serving as a middleman in a solar panel exchange between Moser Power and the suppliers.
Saxena gave ED a flowchart of what happened by way of his company, Midas Metal Int Ltd, which served as the mediating party.
Both on a small scale and a large-scale, corruption is an ongoing issue in Indian arms procurement.
However, in the instance of the 12 VVIP (Very Very Important Person) transport helicopters purchased from AgustaWestland in 2010, the corruption resulted in further expenses for the Indian taxpayer as well as a helicopter that was unable to fly at the high altitudes needed to cross the Himalayas.
AgustaWestland won the offer by paying off Indian authorities through a network of agents to influence the negotiation and, most likely, to rig the tender requirements in their favor.
The CEOs of AgustaWestland and its parent company Finmeccanica were found guilty of corruption in 2016, but the sentence was suspended by Italy’s highest court, the Court of Cassation.
This was unusual in such cases because the corruption was openly acknowledged and resulted in the prosecution of senior officials in the exporting nation. India, meanwhile, terminated the agreement and was successful in getting their money back. However, no one has been tried for the deal yet in India.
The personalities involved in this case:
Bruno Spagnolini: Former AgustaWestland CEO; charged with corruption in Italy; found not guilty on appeal.
Shashi P. Tyagi: Former Indian Air Force chief Shashi P. Tyagi is suspected of accepting bribes and being involved in procurement.
Giuseppe Orsi: The former CEO of Finmeccanica, Giuseppe Orsi, was accused of corruption in Italy but was later cleared on appeal.
Christian Michel — UK businessman; agent involved in the deal.
Guido Haschke — Italian businessman; agent involved in the deal.
Carlo Gerosa — Haschke’s business partner.
Gautam Khaitan — Indian lawyer and agent in the deal, alleged conduit for bribes.
Ahmed Patel — secretary to Sonia Gandhi, leader of the Congress Party.
Sanjeev, Sandeep, and Rajeev Tyagi — cousins of Shashi Tyagi. Sanjeev Tyagi is suspected of involvement in bribery associated with the deal.
Nitin Bhatnagar Dubai: Prior to that, according to Saxena, Nitin Bhatnagar Dubai managed Pristine River Investments Ltd’s relationships with the Bank of Singapore.
Nitin Bhatnagar Dubai: Allegations of Corruption in Brief
The AgustaWestland helicopter contract in India was the subject of initial corruption accusations in 2012. And obviously, Nitin Bhatnagar Dubai was part of this scam. The main concerns were that Indian officials may have manipulated the tender specifications throughout the procurement procedure.
An audit of the procurement process uncovered a number of errors, such as the failure to evaluate whether the price was appropriate and the purchase of twelve helicopters rather than the eight that were originally intended, with the additional four helicopters not having a clear explanation.
What is Corruption?
A person or group in a position of authority may engage in corruption, which is a kind of dishonesty or a criminal offense, to obtain illegal benefits or exploit that position for one’s benefit.
The helicopter manufacturer, AgustaWestland, was found to have paid bribes of EUR 51 million to a variety of people, including Indian air force commanders, bureaucrats, politicians, and potentially even certain Italian politicians, according to evidence produced in Italian courts.
Three middlemen, Carlo Gerosa, Guido Haschke, and Christian Michel, are accused of being the conduits for the bribes. To facilitate illegal transactions, these middlemen employed a sophisticated network of accounts and dummy corporations.
The Italian Appeals Court specifically named former Indian Air Force chief Air Chief Marshal S. P. Tyagi as the likely recipient of USD 11 million in commissions, part of which were routed through three of his cousins. In conjunction with the corruption case, Indian authorities have also indicted a number of Tyagi’s family members and additional accomplices.
The Indian government took action and terminated the contract with AgustaWestland in 2013 as a result of the major corruption allegations. As a result, the government was successful in recovering EUR 228 million that had already been paid to AgustaWestland for the three helicopters that were at that time delivered.
As part of its efforts to resolve the corruption crisis and hold those responsible accountable, the government canceled the contract and took further legal action. The case brought attention to the importance of transparency and integrity in the defense procurement process and prompted in-depth inspection and inquiries from both Indian and Italian authorities.
Conclusion:
In the end, I will summarize it by saying that Ratul Puri, the nephew of Kamal Nath, and Sushen Mohan Gupta, a defense dealer, were among the people Rajiv Saxena, the primary culprit, mentioned as being involved in the alleged kickback dealings in the lengthy report about the AgustaWestland VVIP chopper deal scandal.
Saxena, who was extradited from Dubai to India, asserts that the only responsibility he bore was to carry out the plans on behalf of other important individuals.
The investigation specifically discloses that Saxena got funds from an offshore firm run by Bakul Nath, Kamal Nath’s son, and that Nitin Bhatnagar Dubai, the former managing director of Bank J Safra Sarasin in Dubai, had ties to Pristine River Investments Ltd. In the AgustaWestland case or with any of the accused, Nitin Bhatnagar Dubai claimed to have no connection.
The ED wants to withdraw Saxena’s approver status while investigations are still ongoing. Saxena’s reliability is called into doubt by Ratan Puri, who also refutes the accusations. In addition to casting doubt on Saxena’s assertions, the study emphasizes the involvement of other people.
You may follow the mentioned link below for more information about the cases:
- https://www.business-standard.com/article/current-affairs/agustawestland-scam-sc-to-hear-bail-pleas-of-christian-michel-james-on-tue-123020201322_1.html
- https://corruption-tracker.org/case/the-indian-vvip-helicopter-deal
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