ED
ED

The Tops Group which has come under scanner of the Enforcement Directorate (ED) has denied allegations of wrongdoing.

Reacting to the searches, Rahul Nanda from Tops group told FPJ, "The ED had questioned us about our business acquisition in the UK in 2009 which we have explained and given them evidences that everything was done 100% legally. They also questioned me about our trust in Mauritius which again we have answered and told them that this was created legally by lawyers and it was created 100% legally. They wanted to know what funds do we have in the Mauritius trust and we have confirmed to them that we have ZERO money in the Mauritius trust," he said.

Nanda added that the business has been done legally. "We have written and told them that all fund transfers done in 2009 for the UK business acquisition was done 100% legally by Tops with all requisite legal and RBI permissions," he said adding that he was not handling nor responsible for the UK acquisition documentation or legal clearances.

"The ED teams have come for an inspection today. We have spoken to them and told them to search whatever they want, and are cooperating 100% with them. We have asked them to see every single file, paper, storage, cupboard, safe, everything they want because we have nothing to hide. We are the ones who have been affected and caused harm by the management during the 14 years when we didn't live in India. We are the ones who are suffering because we are the promoters of the business that was mishandled and mismanaged by these so called professionals who ruined our business in India," he said.

"The angle of Pratap (Sarnaik) is ridiculous! I know Pratap for many years as a friend. He has not invested a single penny into my business or company ever. He or Shiv Sena has nothing to do with Tops," he added.

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