Some of those Arvind Kejriwal had yesterday accused of stashing crores in HSBC Bank accounts in Geneva might have already issued denials, but the balance sheets and bungalows of the three - Parminder Singh Kalra, Praveen Sawhney and Vikram Dhirani - the India Against Corruption (IAC) leader named as beneficiaries of the bank's scheme offer an intriguing glimpse into south Delhi's moneyed stratosphere.
Tucked away in the shadow of the Defence Colony flyover, Praveen Sawhney's house at Jungpura Extension, is a large, three-storied white building with a grilled gate. Standing on the other side of the gate, a guard politely says there's no one home, except house helps. Two cars are parked in the driveway.
This is also the residential address of his father, Bhushan Lal Sawhney, in the balance sheet of Sawhney Tyres Private Limited, a firm the junior Sawhney termed in his statement to the Income Tax (I-T) Department as "non-functional concern". For the Ministry of Corporate Affairs (MCA), however, the company, incorporated in 1973, is 'active', with a net profit of Rs 6,456 in 2010-11 and total assets of Rs 5.67 lakh.
The statement IAC has posted on its website includes another company, Sawhney Rubbers Industries, a manufacturer of cycle tyres, the details of which are unavailable on the MCA website. Sawhney's main income, according to his deposition, is from a property in Greater Noida rented out to Samsung India. Yet, the swank Jungpura house and the $1.8 million in Praveen Sawhney's HSBC account in Geneva, as disclosed to the I-T Department, represent a different sort of wealth.
Not far, in Friends Colony (East), too, the guard predictably claims the owners aren't home. However, he confirms the two-storied house with a lush front garden is where Parminder Singh Kalra lives. The property is a 'by appointment only' address for Saket's Gallerie NVYA, an entity stated in Kalra's declaration to the I-T Department. The other company mentioned in the statement is Omega Finhold Private Limited, in which Kalra holds 96.99 per cent. According to MCA records, it posted a total income of Rs 34.57 crore and a net loss of Rs 3.86 crore for 2011-12. Three other subsidiaries mentioned also posted losses last financial year. Kalra, according to the I-T Department statement, opened and operated an account in HSBC, Zurich, and received about Rs 8-9 crore back from the bank.
Vikram Dhirani, the third individual named by IAC, unlike Kalra, was more successful in business. Karam Chand Chains Limited, incorporated in 1995 and registered in New Friends Colony house and in which Dhirani holds about 78 per cent share, registered a total income of Rs 17.16 crore and a profit of Rs 14.23 lakh in 2011-12, according to MCA records. During the same period, the firm, which has a facility at Bulandsahar Road in Ghaziabad, had reserves and surplus of Rs 4.6 crore, with loans and advances of Rs 1.74 crore and total assets of Rs 8.27 crore.
The company manufactures cycle chains for companies such as Chennai's TI Cycles of India, according to the declaration before the I-T Department. There are two other firms mentioned, Karan Chand Rubber Industries and Aditya Exports, along with two properties in Defence Colony. However, the same declaration said Dhirani had deposited about Rs 12 crore in an HSBC account in Dubai around 2006, without even travelling to the country.