Lalit Modi Invested Rs 11.63 Crore In Vasundhara Raje's Son's Company

17/06/2015 9:23 AM IST | Updated 15/07/2016 8:25 AM IST
Lalit Modi the Chairman and Commissioner of the Indian Cricket Premier League (IPL) speaks during the Global Sport Summit in London, Friday Oct. 23, 2008. (AP Photo/Matt Dunham)

Lalit Modi on Tuesday confirmed his "close relations" with Rajasthan chief minister Vasundhara Raje, who reportedly offered clandestine support to him for his immigration plea in the UK. It has now surfaced that Modi also invested Rs 11.63 crore in Raje's son's company.

According to reports, an ongoing investigation by the Enforcement Directorate into Modi's business transactions has revealed that the former IPL chairman paid Raje's son Dushyant Singh, a BJP MP from Jhalawar-Baran, a sum of Rs 11.63 crore as investment in his firm Niyant Heritage Hotels Pvt Ltd (NHHPL) in April 2008.

Read: Lalit Modi Says Vasundhara Raje Took His Wife For Cancer Treatment To Portugal

Of the amount invested, Rs 3.80 crore was a loan given to Singh's company, while the rest was paid to acquire 815 shares. According to ED, this was an unusual price for the shares (at Rs 10 at a premium of Rs 96,180 each), reported The Times of India.

Singh told TOI: "The decision to allot shares at a premium was a prudent business decision, based on proper valuation and also taking into account the future potential of the company."

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