After a year, he resigned as 2i Capital's representative and with this the company also disappeared. Strangely, 2i Capital had appointed Jagan Reddy's family chartered accountant Vijay Sai Reddy as its representative in December 2005. According to the CBI, Jagan used this money to float four more companies and also paid back his bank loans. Jagan Reddy raised Rs 124.60 crore from this deal. 2i Capital is also known as a PCC Company. In Jagan Mohan Reddy's case, his Sandur Power Company Ltd had sold 1,75,49,307 equity shares of Rs 10 at a premium of Rs 61 per share to two Mauritius companies, 2i Capital and PCC, during October-December 2005. To see if there was any linkage between Unitech's loss and the licence issue, it is in the process of issuing a Letter Rogatory (LR) to find the 'real' identity of Cell G's owner and the details of the $ 52 million investment. Former Communications Minister A Raja had allocated spectrum licences to Unitech on 8 January 2008. The CBI, which is investigating the 2G scam, is looking at the dates and events linked to that period. Sanjay Chandra had bought this non-performing derivative product, a one-year yield enhancement certificate, on 3 January 2008. ReutersSo who owned Cell G? And why did a derivative investment linked to Cell G vanish into nothingness?
However, the $51 million turned to zero in a few months, and, according to the CBI, Sanjay Chandra then issued a "comfort note" to his board saying that he would make up the loss. Later, Unitech Overseas Ltd invested the entire money in a derivative product linked with the performance of Cell G of Pluri, according to Enforcement Directorate sources. If the main company runs out of letters, it starts the process again with cells named 1A, 1B, etc.ĢG scam accused Sanjay Chandra is being investigated for a $ 51 million transaction where the money was initially transferred to Unitech Overseas Ltd in the Isle of Man, a tax haven, through an order approved by the Unitech board of directors. Which is why they are given mere alphabetical names like Cell A, B, C, etc. What is there in a PCC that it is such a lure for domestic hot money? PCCs like Pluri Emerging Companies are umbrella 'management' companies that shelter individuals or companies that want to protect their identities from scrutiny. Jagan is currently in CBI custody in Chanchalguda jail. Jagan Mohan Reddy, son of the late Andhra CM YSR and Accused No 1 in several Central Bureau of Investigation (CBI) chargesheets, allegedly received investments in one of his companies from two Mauritius-based entities linked to another PCC Cell. Sanjay Chandra, Managing Director of Unitech, a 2G scam accused who is currently out on bail, managed to "lose" $51 million by investing in a derivative instrument linked to the performance of Cell G in Pluri. A PCC can thus have as many cells as needed, and each could belong to a different investor or investors.Īnil Ambani's vehicle for routing investments from Mauritius into Reliance Communications was Pluri Emerging Companies Cell E, a PCC. A PCC is a cellular structured entity where each investor gets a separate cell, and the activities of one cell have no bearing on the activities on another.
When politicians and businessmen want to host funds abroad whose ultimate destination is India or Indians, their preference is for a Mauritius-based corporate structure called the protected cell company (PCC).
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