Kukrejas’ official investments stand at Rs 100 cr

Set up in 2004, their firm financed realty projects in Bengaluru

The Kukrejas and the company owned by them made official investments or gave loans to the tune of Rs 100 crore to real estate firms in Bengaluru, records show. The revelation comes at a time when income tax officials are trying to dig up the “unofficial” loans given by Avnash Amarlal Kukreja to real estate firms.

Avnash is at the centre of an investigation after income tax officials recovered Rs 500 crore worth of cash, gold and property documents from three inconspicuous lockers at the badminton court of Bowring Institute, an elite club in Bengaluru.

The property documents recovered from the Bowring Institute locker belong to firms that received unofficial investments from Avnash, well-placed sources said.

Anushka Constructions Pvt Ltd, owned by Avnash and his father Assardas Amarlal, has been financing real estate projects. Incorporated in 2004 as an infrastructure finance firm, Anushka Constructions Pvt Ltd has Avnash and Assardas as its two directors, each holding a 50% stake. In the 14 years of its existence, the firm has done nothing but finance businesses.

In the latest submission to the ministry of corporate affairs, Anushka Constructions stated that it has been earning about Rs 5.5 crore as interest per year.

The amount of money lent by the firm could be between Rs 40 and Rs 50 crore, sources said.

The companies financed by Anushka Constructions are Adarsh Developers, Anand City Centre Holding Pvt Ltd, ETA Star Investments and Properties Pvt Ltd, East Coast Constructions, ETA Star Property Developers Ltd, ETA Star Techcity Pvt Ltd, Legacy Global Projects Ltd, Maricar Estates Pvt Ltd.

The firm sourced the money for these loans from its accumulated profit (Rs 13.60 crore) and unsecured loans from its two directors — Avnash (Rs 14.91 crore) and Amarlal (Rs 13.53 crore). The loans, given over the years, are still active, the sources added.

Avnash and his family also invested up to Rs 50 crore in a Limited Liability Partnership (LLP) with realty major Vaishnavi Group for a real estate project, sources said.

Though the LLP was named Vaishnavi Anushka Infrastructure LLP, Anushka Constructions did not make any investment.

While Vaishnavi Anushka Infrastructure LLP invested Rs 24 crore, Avnash made an investment of Rs 12.21 crore, Amarlal Rs 12.7 crore, Ekta Avinash Rs 12.59 crore and Kiran Amarlal Rs 12.34 crore.