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Mossack Fonseca covers the Konerus & more Telugu Tejams

Thu, Apr 07, 2016, 12:27 PM
More Telugu Tejams are tumbling out of the Mossack Fonseca's Fortune 500 India. The latest to figure in the list is Madhu Koneru, a Dubai-based businessman, who owned 12 offshore companies under the auspices of the Panamanian firm Fonseca.

Madhu, Exceutive Director of the UAE-based Trimex group that trades in industrial minerals, had along with his father, Koneru Rajendra Prasad, was chargesheeted in real estate development along with officials of the Andhra Pradesh government.

The chargesheet was filed by the CBI in February 2012. It relates to the ongoing Andhra pradesh Industrial Infrastructure Corporation-Emaar case. In April 2012, Koneru surrendered before the court and got bail. The chargesheet states that Rs 138 crore excess payment drawn from luxury flat owners by Koneru Rajendra Prasad was routed to Madhu Koneru.

The Koneru case also figured in the exchanges between former CBI Director AP Singh and meat exporter Moin Qureshi. The exchanges reveal Pradeep Koneru, Madhu's brother, as trying to fix meetings with the CBI director so as to bail out his father and brother.

Just to get a hint of what the offshore firms are worth in real terms: 49,900 shares of MEC Resources were capitalized and sold to Sharewin Holdings Ltd. at a value of $7615 per share.

Fonseca company made a world check of several references to Andhra Pradesh in the CBI case, suggesting that many more Telugu Tejams were also involved.

According to Indian Express, Counsel for Madhu Koneru says from Dubai:

Madhu Koneru is a Non-Resident indian residing in the UAE since 1992. He is a businessman and has several offshore companies incorporated for his business operations. As an NRI, he is complaiant with taxation laws in India and has no reporting obligations to the Indian tax authorities i.e. offshore entities.

All offshore companies are holding companies for underlying business operations and are compliant with applicable laws.

Madhu Koneru is a respectable businessman and there is no illegality in his business operations via offshore companies.
Agency: Ap7am Desk
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