Ratul Puri describes himself as the Chairman of the Board of Directors of Hindustan Power Projects.
Ratul Puri holds a bachelor’s degree in computer engineering, mathematics, and computer science from Pittsburgh’s Carnegie Mellon University, a leading global research institution.
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In partnership with Hindustan Powerprojects, Ratul began his power-producing firm in 2008. Kamal Nath, a member of the Congress party and a former chief minister of Madhya Pradesh, has a nephew named Puri.
Ratul Puri describes himself to be social as he attends the World Economic Forum regularly, participates actively in the Forum, and chairs the power committee for the CII-Northern Region. A major force behind the innovative financing agenda, he co-chaired the Energy track at the India National Strategy Day and led the topic on climate resilience at the WEF in 2016.
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Hindustan PowerProjects Private Ltd.
Ratul Puri founded Hindustan Powerprojects Private Ltd. (HPPPL), an electrical power development company in India that was originally known as Moser Baer Projects Pvt Ltd. It works in the thermal, solar, hydro, and mining industries’ vertical markets for power production, power trading, EPC, and renewables. The company is India’s fastest-growing integrated power provider and currently has assets of over 14,500 crore.
The company is based in India’s capital city of New Delhi. By the year 2020, HPPPL intends to put additional thermal, hydro, and solar energy projects online. The company is far along in its plan to commission more than 5000 MW of total power assets by 2017 at an estimated investment of INR 32,000 crores.
The chairman of the corporation is Ratul Puri. Lajpat Shrivastav is the CEO of Thermal, Rajya Wardhan Ghei is the CEO of India Solar Business, Arun Kanchan is the CEO of New Business, and Dr. Harish Ahuja is the President of Strategy and Corporate Affairs. Awadh Bihari Giri is the CEO of the Hydro division.
Recently, Hindustan Powerprojects (HPPPL) announced plans for a unit IPO. As it prepares to quadruple investment in photovoltaic projects to $50 billion by 2016, the business, funded by Blackstone Group LP (BX), aims to sell shares in its solar unit. Within the next two years, the unit will need to invest $45 billion in a pipeline of projects.
In the fertilizer scandal, a Delhi court summoned Kamal Nath’s nephew Ratul Puri
The CBI had claimed that money was received as commission from a supplier of fertilizers through the use of hawala operators, intermediaries, and group companies owned by Rajiv Saxena, who is also a defendant in the AgustaWestland case.
Ratul Puri, the nephew of former Madhya Pradesh Chief Minister Kamal Nath, was called before a Delhi court on Friday as part of a money laundering investigation concerning an alleged fertilizer fraud.
The ED investigation is the result of a CBI case in which the suspects engaged in a criminal conspiracy to defraud IFFCO and Indian Potash Limited between 2007 and 2014 by fraudulently importing fertilizers and other materials for the production of fertilizers at inflated prices and claiming higher subsidies from the central government, resulting in a loss of several crores of rupees.
The Enforcement Directorate claims that the fertilizer scam case, which also involves Rashtriya Janata Dal Rajya Sabha member Amarendra Dhari Singh and IFFCO managing director and CEO US Awasthi, relates to illegal commissions allegedly paid by foreign suppliers between 2007 and 2014 to Awasthi’s NRI sons, Indian Potash Ltd managing director PS Gahlaut, and some others for over $685 crore.
The CBI had said that money was received as commission from fertilizer suppliers through the use of hawala operators, intermediaries, and group businesses owned by Rajiv Saxena, who is also a defendant in the AgustaWestland case. The ED charged Puri with aiding the accused by hiding the proceeds of the crime and portraying them as clean property.
According to the court, there is enough evidence on file to declare an offense in violation of Sections 3 and 4 of the Prevention of Money Laundering Act (PMLA).
The court agreed with the ED’s allegations that Saxena gave the proceeds of crime to people like Sanjay Jain, who was directly involved in the activity of hiding the proceeds of crime by layering it through the Saxena family of companies, the Alankit family of companies, Rayon Trading company, and Moser Baer India Ltd. company of Ratul Puri, “whereby he came to acquire an amount of Rs 78,39,82,343 which was nothing but proceeds of crime.”
However, the court did not issue summonses to the remaining five defendants because there was insufficient evidence to do so.
What is Money Laundering?
Money laundering is an illegal process that involves concealing the origin of illegally obtained funds and transforming them into legitimate sources of income. This is done to evade prosecution, conviction, and the seizure of criminal proceeds. Essentially, it’s a way to turn “dirty” money into “clean” money.
Ratul Puri is Detained by the ED in connection with a Bank Fraud Investigation
Ratul Puri, a former executive director of Moser Baer and the nephew of Madhya Pradesh Chief Minister Kamal Nath, was detained by the Enforcement Directorate on Tuesday in connection with a Rs 354 billion bank fraud case brought by the Central Bank of India, an agency official said.
Based on the Central Bureau of Investigation’s (CBI) FIR, the agency took the step after filing a money laundering complaint under the Prevention of Money Laundering Act (PMLA) against Ratul Puri and others late Monday night.
Ratul Puri was taken into custody from his home in Delhi early on Tuesday and will appear before a special ED court later in the day.
Ratul Puri’s custody would be sought from the municipal court by the ED to examine him about the bank fraud case that the CBI initiated on August
For suspected criminal conspiracy, cheating, fraud, and corruption, the CBI had filed charges against Ratul Puri, his business, his father and managing director Deepak Puri, directors Nita Puri (Ratul’s mother and Kamal Nath’s sister), Sanjay Jain, and Vineet Sharma.
The homes and offices of the accused directors were among the six places searched by the CBI on Sunday.
According to a statement from the Central Bank of India, Ratul Puri left his position as executive director of Moser Baer in 2012, although his parents remained on the board.
The business produces solid-state storage devices, DVDs, and compact discs as an optical storage medium.
The bank claimed in the complaint, which is now a part of the CBI FIR, that it had been taking loans from several banks since 2009 and had undergone debt restructuring several times.
The Central Bank of India declared the account to be “fraud” on April 20, 2019, after it was unable to make the repayments.
According to the CBI case, Ratul Puri defrauded the complainant bank through his firm, resulting in an unjust gain for them and an unjust loss for the lender bank, which is a custodian of public funds.
The company and its directors allegedly withdrew the bank’s primary security, which included its stock of finished goods, semi-finished items, and raw materials, dishonestly and illegally to prevent their distribution to the debt’s creditor banks.
The funds granted by the banks have been misused and misappropriated by MBIL (Moser Baer India Limited) and its directors for their personal use, and MBIL and its Directors and promoters have also committed fraud in respect to reporting book debts, which were also one of the primary securities of the bank,” it has said.
The bank alleged that to get the Central Bank of India to release funds, the company and its directors faked and falsified documents.
“MBIL has caused unlawful loss to our bank to the tune of Rs 354.51 crore as of November 29, 2014, and interest thereon by getting unlawful gains,” the complaint said.
The ED also wants to question Ratul Puri in the AgustaWestland VVIP chopper deal case.
Update: Businessman Ratul Puri is Granted Bail in the Fertilizer Scandal by a Delhi Court
Ratul Puri, the nephew of former Madhya Pradesh Chief Minister Kamal Nath, was granted bail on Wednesday by a Delhi court in a money laundering case involving an alleged fertilizer scam for which 685 crore was said to have been paid as a bribe.
Mr. Puri was given relief by Special Judge Vikas Dhull after he showed up in court as a result of a summons that had been issued against him.
On December 23, as it was taking cognizance of an additional charge sheet in the case, the court summoned Mr. Puri.
A Delhi court on Wednesday granted bail to Ratul Puri, the nephew of former Madhya Pradesh Chief Minister Kamal Nath, in a money laundering case involving an alleged fertilizer scam for which 685 crore was alleged to have been paid as a bribe.
Special Judge Vikas Dhull granted Mr. Puri the relief after he appeared in court as a result of a summons that had been issued against him.
The court called Mr. Puri on December 23 as it was taking note of an extra charge sheet in the case.
In proceedings including the AgustaWestland helicopter scandal and the Moser Baer scam, Mr. Puri is also a defendant. Currently, he is free on bond.
The ED claims that the fertilizer scam case—which also involves RJD Rajya Sabha MP Amarendra Dhari Singh and IFFCO Managing Director and CEO U S Awasthi—relates to allegedly illegal commissions worth more than 685 crores paid by foreign suppliers between 2007 and 2014 to Awasthi’s NRI sons, Indian Potash Ltd (IPL) Managing Director P S Gahlaut, and other individuals.
According to the ED, IPL, a subsidiary of Indian Farmers Fertiliser Co-operative Limited (IFFCO), is a company that supplies fertilizers for which the government offers subsidies to maintain the prices reasonable.
It was claimed that Mr. Awasthi and other members of IFFCO generated criminal proceeds, stacked those earnings via multiple unrelated organizations, and then transferred some of those proceeds to the entities they controlled.
Chopper scam: ED asks the court to Revoke Ratul Puri’s Bail in a Case Involving Money Laundering
In a motion filed on December 12th, the Enforcement Directorate (ED) asked the Delhi High Court to revoke the bail that had been granted to businessman Ratul Puri—the nephew of Madhya Pradesh Chief Minister Kamal Nath—in the AgustaWestland money laundering case.
A bench of Chief Justice D N Patel and Justice C Hari Shankar heard the ED’s appeal, allowing it to be scheduled for consideration on Friday, December 13.
The agency is requesting that the bail that was granted to Puri by a trial court on December 2 be thrown aside in its appeal, which was submitted through Amit Mahajan, standing counsel for the national government. The ED argues in its motion that the trial judge did not consider all of the records submitted while issuing relief to Ratul Puri.
The trial judge had instructed Puri, who had been in ED custody since September 4, not to “tamper with evidence” or “try to contact or influence the witnesses” while granting him release.
Puri was identified as an accused in the sixth chargesheet submitted by the ED in the current VVIP chopper fraud investigation. The trial court had remarked that “co-accused having similar or greater role than the role of present accused have already been enlarged on bail.”
The ED claims that Puri’s participation in the case was to have his overseas firms directly accept profits of crime from Interstellar Technologies Ltd, a co-accused party, and to have received money through both of the money-laundering networks that were utilized.
In the 3,600 crore AgustaWestland VVIP chopper purchase scam, the ED had filed the supplementary prosecution complaint (ED’s equivalent of a chargesheet) against Puri and Jaspreet Ahuja.
India terminated a contract with Finmeccanica’s British subsidiary, AgustaWestland, in January 2014 for the delivery of 12 VVIP helicopters to the Indian Air Force due to suspected contract violations and allegations of kickbacks totaling 423 crore being paid to clinch the sale.
Conclusion
Russia and Belarus are significant suppliers of fertilizer, making up 20% of the world’s total supply. The issue is that Belarus’s supply has been restricted as a result of the sanctions imposed on it. We also have problems with supply disruptions due to supply chain optimization, which has decreased fertilizer production [in Russia and Belarus] as well as fertilizer exports from these nations.
Another aspect of the issue is the use of natural gas as the primary input in some fertilizers, particularly nitrogen-based fertilizers. Apart from Belarus and Russia, there has been a decrease in the supply of fertilizers due to the war in Ukraine’s impact on natural gas supplies (and even before the war). We also have additional problems, such as export limitations. As a result, we are currently faced with a worldwide issue that is directly related to the conflict and indirectly to policies and rising energy prices.
