Transactions made in the “RunCurrt” account: IT official
The initial investment of Rs. 95 crore by Dalmia Cement in Raghuram Cements, which was later renamed as Bharati Cement, was not an investment as claimed, but “a payment made to Y.S. Jaganmohan Reddy for collateral purposes”.
This was stated by an Assistant Director of the Income Tax Department Vikram Singh Sharma, in his deposition as a witness to the Central Bureau of Investigation (CBI) as part of the probe into the quid pro quo investments case against Kadapa Mr. Jagan Reddy.
His statement was recorded by the CBI as a witness account.
The IRS official told the CBI that they had recovered a pen drive containing the details of cash payments apparently made to Mr. Jaganmohan Reddy in the acronyms of “JR a/c, Sh. JR, J. Reddy acct and J.R. A/C” during the search conducted on the residence of one Joydeep Basu working as manager (treasurer) in Dalmia Bharat Enterprises Ltd, known as Dalmia Cement earlier.
The total payments made under the four heads amounted to Rs. 55 crore.
The transactions were made in the “RunCurrt” account but were not reflected in the regular books of accounts of the group, the IT official stated.
The date-wise payments mentioned in .xls sheet tallied with the date-wise record of all payment in the “RunCurrt” account. The cash payments were made between May 26, 2010 and June 13, 2011.
139 crore payable
On the study of “J.R. A/C” it appeared that Rs. 139 crore was payable by Dalmias to Mr. Jaganmohan Reddy. With each cash payment the payable amount was reduced by an equal amount.
“By June 13, 2011 Rs. 55 crore was paid and Rs. 84 crore was payable”, he stated. However, they did not secure data on payments made from June 13, 2011 onwards.
The amount of Rs. 139 crore payable to Mr. Jaganmohan Reddy was apparently arrived at after deducting Rs. 6.87 crore as capital gains tax, the IT official told the CBI.