On New Year's Eve, the Basmanny Court of Moscow ruled on the absentee arrest of a large magnate from India, head of Saraf Agencies Private Ltd (SAPL) holding, S.M. Shroff, and his two sons (they bear the surname Saraf).
As it became known to Rucriminal.info, all of them are accused of investigating one of the largest obverse related to India's debt to the USSR of $ 1 billion. In 2007, most of the major Russian media published headlines: "Vnesheconombank will solve the problem of Indian debt." The publications said that in Delhi, as part of Vladimir Putin's visit to India, an agreement was signed that would solve the problem of Indian debt dating back to Soviet times in the amount of $ 1 billion. On the Russian side, it was signed by Vnesheconombank Chairman Vladimir Dmitriev and General Director of Tekhnokhim-Holding Leonid Bobkov, on the Indian side - by Managing Director of Saraf Agencies Private Ltd Sanvar M. Shroff. According to the agreement, India will lease out the land on which the Titanium Products Private Ltd (TPPL) Joint Venture (JV) will build a plant for the production of titanium dioxide and other titanium products. Rosimushchestvo and VEB transferred about $ 60 million to the project. However, all the money from the accounts of the joint venture was stolen, the lands intended for the plant were registered with third companies (controlled by Shroff and his sons), the plant itself never came into being, and the joint venture turned into a "dummy".
In December 20096, co-chairman of the Russian-Indian intergovernmental commission, Alexander Zhukov, announced at the end of a regular meeting in New Delhi that an agreement had been reached to launch a number of pilot projects in India, financed by the rupee debt. The first such project was to create, on the basis of a separate agreement, a joint venture for the production of titanium dioxide in the state of Orissa with the participation of the Russian company Tekhnokhim-holding. The total amount of "debt" funds that can be used for joint projects is estimated at $ 1 billion.
During Putin's visit to Delhi, the agreement Mr. Zhukov spoke of was signed. On the Russian side, it was signed by Vnesheconombank Chairman Vladimir Dmitriev and General Director of Tekhnokhim-Holding Leonid Bobkov, on the Indian side - by Managing Director of Saraf Agencies Private Ltd Sanvar M. Shroff. Technokhim-holding is engaged in chemical development, trade in agrochemicals, synthetic resins, plastics and dyes, Saraf Agencies Private Ltd is a cement and asbestos holding.
The subject of the agreement is cooperation on the creation of a joint Russian-Indian enterprise on the territory of India (the state of Orissa) within the framework of a special economic zone. The profile of the joint venture is an integrated chemical and metallurgical complex for the production of titanium dioxide and other titanium products. As stated in a press release from Vnesheconombank, the complex will include metallurgical (for smelting titanium slag and pig iron from local ilmenite), chemical (for chlorination of titanium slag and production of titanium dioxide and vanadium pentoxide from the chlorides obtained) and chemical and metallurgical (for obtaining titanium sponge by reducing titanium tetrachloride with magnesium) production.
It all ended in a gigantic scam and gigantic thefts. Information on this case was at the disposal of Rucriminal.info and we will publish it in several articles.
“During the investigation of the criminal case, the investigation established that in accordance with the orders of the Government of the Russian Federation No. 52-R of January 22, 2007 and No. 1481-R of October 24, 2007, as well as on the basis of the Joint Venture Agreement concluded on January 29, 2008 between the Federal Agency for the management of state property (hereinafter Rosimushchestvo) and OJSC Holding Company Technokhim-holding on the Russian side and Saraf Agencies Private Ltd (SAPL) on the Indian side, a joint Russian-Indian enterprise Titanium Products Private Ltd (TPPL) was established. The said agreement stipulates that the joint venture - TPPL company will have a charter capital equivalent to USD 229,090,910 in Indian rupees. At the same time, the Russian side acquired a 55% stake in the share capital, of which the Russian Federation, represented by the Federal Property Management Agency, acquired the ownership of 51% of the joint venture's shares, 4% of the shares were intended for OJSC Holding Company Technokhim-Holding. The Indian side, represented by Saraf Agencies Private Ltd, controlled by the citizens of the Republic of India Sanwar M.Sh. and R. Sarafu, according to the Joint Venture Agreement, received a 45% share, which is equivalent to USD 103,090,910. Further, on March 27, 2008, on the basis of these agreements in accordance with the legislation of the Republic of India, registered but a joint Russian-Indian venture TPPL. The purpose of the joint venture was to implement a project with the participation of the Russian Federation for the production of titanium dioxide and other titanium products. According to the constituent documents, the supreme governing body of the created TPPL company was the General Meeting of Shareholders, the management was carried out by the Board of Directors, which included four representatives of the Russian side - Nikolay Nikolaev, Yuri Medvedev, Leonid Bobkov, Ivan Materov-, as well as alternative representatives and three citizens of the Republic India - S.M. Shroff, R Saraf and A.K. Saraf. On the instructions of the Ministry of Finance of the Russian Federation, the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" on 12.06.2008 transferred 50% of the RF share as the first installment to the TPPL account, that is, an amount equal to 2,500,000 Indian rupees, which is approximately $ 58,000,000. Unlike the Russian Federation, Indian shareholders (this company is controlled by the citizens of the Republic of India S.M. Shroff and his son R. Saraf) invested in the Joint Venture only an amount equivalent to $ 33,333, which was about 1-2% of the amount they were required to contribute to the authorized capital.
Thus, the party did not fulfill the necessary conditions for obtaining the share certificate. The companies reportedly had no other funds. So on October 15, 2008, in order to organize the work of a joint venture between the Government of India and TPPL represented by S.M. Shroff. a Memorandum of Understanding was signed, according to which the parties reached an agreement on the provision of a land plot to TPPL for the placement of a production complex on it. Later, on the initiative of the Indian side represented by S.M. Shroff. and Rahula Saraf, acting by deception, in violation of existing agreements, two land plots (with an area of 34,095 acres) were leased not to TPPL, but to a minority shareholder - Saraf Agencies Private Ltd. Subsequently, Saraf Agencies Private Ltd, violating and ignoring the agreements reached, acting contrary to the interests of the Joint Venture, offered TPPL to sublease the specified land plots intended for the location of the production complex at a rental rate 12 times higher than the price paid by the shareholder for rent. As a result of these actions, TPPL did not receive the right to lease the land plots necessary for the location of production facilities, which excluded the possibility of organizing production and caused the disruption of the project for the production of titanium dioxide and other titanium products, which caused material damage to the Russian Federation in a particularly large size. In addition, representatives of the Indian side during the period of 2011, acting in violation of the requirements of the Charter of TPPL and against the legitimate interests of the organization, having gained access to its accounts, disposed of the company's funds without the approval of the TPPL Board of Directors. At the same time, the funds were disposed of without notifying the Russian side in such a way that the Indian side, in particular Saraf Agencies Private Ltd.
Under unknown circumstances, in the period 2009 - 2010, on the basis of documents forged by the partners, without the consent of the Board of Directors and without notifying the Russian side, Shroff S.M., Saraf R. and their unidentified accomplices organized the transfer of funds from the TPPL account. Including on 22.12.2009 an amount equivalent to 271,378 million rubles was transferred from the TPPL account. (288.7 million rupees), to the account of Titanium Mineral Products Ltd. After that, on 01.03.2010, an amount equivalent to 235 million rubles was transferred from the TPPL account. (250 million rupees), to the account of Saraf Agencies Private Ltd. ... Then on 23.11.2010 an amount equivalent to 1,035,598 million rubles was transferred from the TPPL account. (1,101.7 million rupees), to the account of Saraf Agencies Private Ltd .. These funds were subsequently transferred for the purpose of concealment and illegal personal gain to the accounts of companies controlled by S.M. Shroff, R. Saraf and their unidentified partners. At the same time, as the purpose of the transfers made, Shroff S.M., Saraf R. and their unidentified accomplices indicated "reimbursement of expenses for the development of the project and the return of funds for the used shares," thereby misleading bank employees about their true criminal intentions. "
To be continued