Indian Ex-Military Man Spotted Having an Offshore Firm
The military man was deployed as the Director-General of Military Intelligence (DGMI) when he retired in 2010 and had also served as the General Officer Commanding of 3 Corps
An Indian top ex-military official set up an offshore company in Seychelles in 2016 as spotted in the Pandora Papers.
Lt General (R) Rakesh Kumar Loomba registered Rarint Partners Ltd in Seychelles along with son Rahul Loomba, The Indian Express reported.
The military man was the Director-General of Military Intelligence (DGMI) when he retired in 2010 and had also served as the General Officer Commanding of 3 Corps.
The offshore firm in Seychelles was linked to a bank account in Mauritius ABC Banking Corporation.
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In the expected annual deposit/turnover column, the father and son wrote $1 million while the opening deposit in that bank account in 2016 was a staggering $100,000.
Lt Gen Rakesh Kumar Loomba and his son Rahul Loomba have 33% share each while Anant Ghyanashyam, who hails from New Delhi, holds 34% shareholding in the offshore firm.
On behalf of his father, Rahul Loomba told The Indian Express, “The account with ABC Bank was never ever opened as we did not go ahead with our business plan. No payment was done for the subsequent years for the company license fees.”
The ex-military man has denied holding any such company however the records investigated by The Indian Express show multiple transactions.
