An investment by a unit of Taib Bank, promoted by the Bahrain government, in Anant Raj Industries Ltd has come under the scanner of the Enforcement Directorate (ED) and the income-tax (I-T) department for alleged violation of foreign direct investment (FDI) norms and foreign exchange violations, according to three officials familiar with the development.
Acacia Real Estate Ltd invested Rs.225 crore in 2008 to pick up a 26% stake in a mall developed by Anant Raj Industries in Delhi. Taib Bank is the principal founding shareholder in Acacia. There is no estimate available of the money that may be owed to the government.
According to ED and I-T officials, who spoke on condition of anonymity, Taib Bank picked up the stake through entities based in Cyprus and Mauritius, and then sold the holding before the lock-in period of three years was over.
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