Vadra acquired properties worth Rs 500 cr from nothing

India Against Corruption on Friday came down heavily on Robert Vadra, son-in-law of Congress chief Sonia Gandhi.
The IAC, in a press conference addressed by Arvind Kejriwal and Prashant Bhushan alleged that Vadra acquired properties worth hundreds of crores from nothing, and questioned what was the source of these funds?
"In the last 4 years, Robert Vadra has gone on a property buying binge and has purchased at least 31 properties mostly in and around New Delhi, which even at the time of their purchase were worth several hundred crores. An analysis of the balance sheets and audit reports of five companies set up by him (and owned exclusively by him and his mother) on or after November 1, 2007, show that the total share capital of these companies was just Rs 50 lakh and these companies together had no income from any legitimate business activity (except by way of interest derived from interest free loans obtained from DLF)," an IAC press statement said


"Yet during 2007-2010 they have acquired properties which were worth well over Rs 300 crore even at their time of acquisition and are worth more than Rs 500 crore as of today. The ostensible seed money for this acquisition is shown to have come from unsecured interest free loans from DLF Ltd (over 65 crore). The bulk of the properties are also purchased from DLF at a price which is shown far below the market price," the statement added.
"Thus seven flats in Magnolia apartments in DLF Gurgaon are
purchased for a total of Rs 5.2 crores by Vadra's companies when the market price of each flat at the time of acquisition was well over 5 crore and today its price is between 10 to 15 crore rupees per flat. Similarly a 10,000 sq feet apartment in DLF Aralias (Gurgaon) is shown to be purchased for Rs 89
lakh when its market price at the time of purchase in 2010 was Rs 20 crore and today is more than Rs 30 crore. Not just that, a stake of 50 per cent share in DLF-owned hotel in Saket (DLF Hilton Garden Inn) is shown to be purchased for Rs 32 crore when the market value was well over Rs 150 crore," the release added.

"This massive property buying spree by the son-in-law of the ruling dynasty in the country gives rise to several important questions:

• 1. Why should DLF give large unsecured interest free loans to Robert Vadra?
• 2. Why should DLF sell its properties to Vadra at throwaway prices and on the basis of funds obtained by Vadra from DLF itself?
• 3. It is well known that DLF has been given 350 acres of land by Haryana government for the development of Magnolia project in Gurgaon (where Vadra was allocated 7 apartments) and has been given various other properties and benefits by the Congress governments in Haryana and Delhi. Is that the quid pro quo for DLF giving Vadra the seed money for the purchase of these massive properties worth hundreds of crores?
• 4. It is clear that there is a lot of unaccounted black money invested in these properties of Vadra. What is the source of these funds? Are illicit funds of the Congress party being funneled into this property buying spree by the son-in-law of the dynasty?
• 5. The above acquisition of properties is only what has come to light from the documents submitted to ROC itself, and maybe just the tip of the iceberg. Preliminary information indicates that there are many other properties purchased by him. It's significant that 6 new companies have also been registered by him in 2012. Prima facie the facts above show commission of offences under the prevention of corruption act as well offences under the Income Tax Act. Why are these ostensible offenses not being investigated?," IAC asked.

All these questions need to be answered by a thorough independent investigation. Question is will such an investigation be done and who will do it? Will it be done by agencies controlled by the government and hence by the ruling dynasty? That is why one needs an independent Lokpal. Question is will it be conceded by those who risk going to jail as a result?, the IAC release also asked.

after making his political move, Arvind Kejriwal Friday accused Robert Vadra, the son-in-law of Congress president Sonia Gandhi, of corruption in land deals. The Congress termed the allegations "wild and completely unfair".
Addressing a press conference, Kejriwal and his colleague Prashant Bhushan alleged that Vadra bought property in Gurgaon and other places at rates much below market rates and sold them at huge profit.
"Robert Vadra acquired properties worth hundreds of crores (of rupees) from nothing. What is the source of these funds," asked Kejriwal. He distributed scanned copies of documentary evidence to back his claim.
"In the last four years, Robert Vadra has gone on a property buying binge and has purchased at least 31 properties mostly in and around New Delhi, which even at the time of their purchase were worth several hundred crores (of rupees)," Bhushan alleged.
Bhushan said the balance sheets of five companies set up by Vadra and his mother show that the "total share capital of these companies was just Rs.50 lakh".
"This massive property buying spree by the son-in-law of the ruling dynasty in the country gives rise to several important questions," he said.
"The story had come out in the Economic Times earlier. This is an old strategy of Kejriwal... Vadra had explained the position at the time... He pays his income tax and has a right to live as he wants. It is unfair to drag the Congress into it," said Congress MP Sandeep Dikshit.
"Why should anyone have to answer to anyone about any property they have unless there is anything illegal about it," said Dikshit, terming the allegations "wild and completely unfair".