Congress points fingers at Ajit Doval’s son, demands details of FDI from Cayman Islands

Congress points fingers at Ajit Doval’s son, demands details of FDI from Cayman Islands

AgenciesUpdated: Wednesday, May 29, 2019, 03:18 AM IST
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New Delhi: Alleging links between National Security Advisor Ajit Dovals son Vivek opening a hedge fund in the Cayman Islands soon after 2016 demonetisation and the huge spike in inflow of FDI into India from the territory, the Congress on Thursday demanded the RBI to make public the source of funds received from the tax haven, reports IANS.

Citing data by the Reserve Bank of India (RBI), Congress leader Jairam Ramesh said that between 2000 and 2017, India received Rs 8,300 crore FDI from Cayman Islands but post demonetisation, India received an equivalent amount from there in one year alone.

“Within 13 days of Prime Minister Modi announcing demonetisation, Vivek Doval on November 21, 2016, opened a hedge fund called ‘GNY Asia’ in Cayman Islands, which, according to a report of the BJP’s 2011 committee, is a known tax haven,” Ramesh told the media here.

“This unnatural increase in FDI inflow and Vivek Doval’s hedge fund raise serious suspicion of round tripping. The RBI must clarify the role of GNY Asia in this. We, therefore, demand it to publicise all details of the FDI received from Cayman Islands in the last year,” said the former Union Minister.

Ramesh raised suspicion of Vivek Doval’s hedge fund being involved in funneling out money and then bringing them back to India post demonetisation.

“Modi government claims they are fighting against black money and that they will not let companies use tax havens like Cayman Islands to launder money. But there is concrete proof that members of their government are involved in doing the same, especially after demonetisation,” he said.

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