BS Yediyurappa with PM Modi.
BS Yediyurappa with PM Modi.
File Photo

Several Congress leaders today slammed BJP over the Kolkata shell companies controversy which allegedly involves Karnataka CM BS Yediyurappa’s grandson.

As per the report by the Indian Express, two firms headed by Chief Minister B S Yediyurappa’s grandson Shashidhar Mardi allegedly received Rs 5 crore from seven Kolkata shell companies between March and July 2020. Shashidhar Mardi became director of the company after BJP formed government in Karnataka in July 2019.

Shell companies are the companies that do not itself do or own anything but is used to hide a person's or another company's activities, sometimes illegal ones. Sometimes, shell companies are used for tax evasion, tax avoidance, and money laundering. They can be used to transfer assets of one company into a new company without having the liabilities of the former company.

The companies involved in the case are Belgravia Enterprises Pvt Ltd and VSS Estates Pvt Ltd.

Denying the allegations of irregularities, Mardi, however, said that the money is working loans for a project and all the documentation has been provided for the transaction.

Quoting the news report several Congress leaders today slammed BJP over the issue.

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Free Press Journal