Congress: Ajit Kumar Doval's son started offshore fund after demonetization

Targeting National Security Advisor (NSA) Ajit Kumar Doval, the Congress on Thursday alleged that his son Vivek opened a hedge fund by the name of GNY Asia in Cayman Islands, a tax haven, merely 13 days after 2016's demonetization and within the next one year, India witnessed a huge spike in inflow of FDI from the said destination.

Producing various bank and Bombay Stock Exchange (BSE) documents listing GNY Asia, a subsidiary of GNY Capital, in which Vivek is shown as a director and as an investor, Congress leader Jairam Ramesh demanded the Reserve Bank of India (RBI) to make public the source of funds received from Cayman Islands.

Citing data by the RBI, Ramesh said that between 2000 and March 2017, India received Rs 8,300 crore FDI from Cayman Islands but post demonetization, India received an equivalent amount from there in the period between April 2017 to March 2018.

He alleged that it was not just foreign investment but the "round tripping"of money that had been done after demonetization.

Taking a jibe at Ajit Doval, Ramesh said that he had written a book titled "Indian Black Money Abroad: In secret Banks and Tax Havens" on behalf of the BJP in 2011 in which he had recommended monitoring of tax havens, making financial details public and using financial intelligence for security purposes.

"We are merely reiterating his demand. We demand that the RBI publish the details of the breakup of that Rs 8,300 crore. Whose are these funds? Full information on the identity of the funds must be provided," said Ramesh.

Alleging links between GNY Asia and Zeus Strategic Management Advisors Pvt Ltd, another company in Cayman Islands headed by NSA Doval's another son Shaurya Doval, Ramesh reminded the BJP that on similar allegations, Pakistan's Prime Minister had to resign.

"Not only do NSA Ajit Doval and his sons need to clarify about their companies' role in the FDI inflow, but also answer about Don W Ebanks, a director in Vivek's company and whose name was also found in Panama Papers," said Ramesh.

Precedents

Alleging links between GNY Asia and Zeus Strategic Management Advisors Pvt Ltd, another company in Cayman Islands headed by NSA Ajit Doval’s another son Shaurya, Congress’s Jairam Ramesh reminded the BJP that Nawaz Sharif had to resign as Pakistan’s Prime Minister for similar reasons