The Gupta home in Constantia, Cape Town, along with other assets were reportedly seized as of 4 June 2021, as a result of a restraining order to freeze the possessions.
What happened?
The National Prosecuting Investigating Directorate (ID) reportedly seized R520 million worth of the Guptas and associates’ assets, including the Constantia home, News24 reported.
The assets were owned by the Gupta family and their business associate, Iqbal Sharma (and his wife, Tarina Patel).
The said assets also included luxury properties in Morningside (Johannesburg) and Saxonworld.
The mansion in Constantia is valued at R21 million according to The South African.
How did the ID manage to seize the assets?
The seizure commenced following a decision by the Free State High Court (which happened on Wednesday, 2 June) that granted an order to freeze the assets of Islandsite Investments 180 (Pty) Ltd.
Islandsite Investments belongs to Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta as mentioned by Times Live.
“The application to seize the assets of Islandsite, Sharma and Patel – filed by the ID – showed that after being paid the R25 million, Nulane subcontracted the feasibility study to Deloitte and paid the company R1.5 million,” News24 writes.
Nulane Investments 204 (Pty) ltd was a company owned by Iqbal Sharma.
Additionally, the ID that Nulane laundered the rest of the money through accounts all traced back to the Gupta family.
Allegedly, a large portion of the money went to Gateway, which is Gupta owned and United Arab Emirates incorporated.
International arrest warrant
On Thursday, the ID also issued a red notice, an international arrest warrant for Atul, Ajay and Rajesh.
Interpol is supposedly on the case, expected to circulate the notice to membered states News24 mentions.
The charges
- Fraud, corruption and money laundering.
- These are in connection with the Estina dairy farm project.
According to the ID, the charges were against the Gupta brothers and their wives.
The Estina dairy project and the ID application
Back in 2011, the Free State’s Department of Agriculture indicated the need for the project, which was first known as the Mohoma Mobung initiative.
Essentially, a partner to the project, Worlds Windows Impex India Private Limited recommended Nulane to be appointed for feasibility study purposes.
The purpose of the scheme, the ID expressed, was “to create a vehicle for the extraction of funds for the benefit of the Gupta family.”
Between 2011 and 2012, the department paid Nulane R24.9 million according to the ID, and these funds were intertwined with funds from both Islandsite and other Gupta-linked companies to launder the money to the Gupta family. These other companies were revealed as Pragat and Wone.
According to the ID, the R522 million “flowed through the Islandsite ABSA account.”
Asset Values
- Moveable property valued at R500 000
- Sandton home: R1.3 sectional title
- Saxonworld: R12 million
Picture: Twitter