Thread by @cobrapost

What are shell companies? These shells are in groups each of which has common owners, common addresses, common email IDs and common directors
#LooteraDewan

The 45 shell companies that received Rs 14,000 crore. In 2015-16, Modi govt cracked down on shell companies following a recommendation by Indian SIT on black money
#LooteraDewan

Shell cos have nominal capital of 1 lakh, but inter-company loans of thousands of crore of rupees. The loans are advanced in single-tranche while most loans are disbursed in multiple tranches based on project progress.
#LooteraDewan

#Lootera Dewan shell companies moved funds into companies owned and controlled by the promoters. Some of it went to offshore companies including a major private asset of promoter in the favoured destination of all those who loot and scoot—UK

Offshore transactions included investing into companies for round-tripping through Mauritius and into entities exposed by @ICIJorg in #PanamaPapers and #ParadisePapers (being invested in India by ‘SIT on black money’)
#LooteraDewan

The Wadhawans have also created assets abroad through ‘Wadhawan Global’. There are two interesting assets: First, a cricket team in Sri Lankan league through Indian public money ear-marked for slum development projects in Maharashtra.
#LooteraDewan

#LooteraDewan promoter created another private asset out of public money abroad, UK—where Mallya is holed up and Nirav Modi-Mehul Choksi are believed to be lurking. Wadhawan committed GBP 300 mill (GBP114m disbursed) for launching @Zopa bank in London, UK

Public money passed through shell companies has been used to finance promoter-owned companies that own 10% of #LooteraDewan without disclosing it to market regulator—SEBI. These companies have indulged in insider trading
#LooteraDewan

Most of the shell companies used by #LooteraDewan to siphon cash have not registered the charges (for loans) with Registrar of Companies
#LooteraDewan