South Africa: Amabhungane and Scorpio #GuptaLeaks - Meet the Money Launderers

analysis

The Guptas used an international network of scrap metal dealers to launder hundreds of millions in kickbacks between China, India, the UAE and South Africa. We introduce them. By AMABHUNGANE and SCORPIO.

It must have been good news for Piyoosh Goyal when the State Bank of India approved his Rs750-million (Indian Rupees, then worth R120-million) loan.

So good that he then sent his agent to a senior banker's Mumbai home on a Sunday with two expensive watches and a fistful of cash. At least, this is what the Mumbai branch of the Central Bureau of Investigation (CBI) later claimed.

The CBI's anti-corruption investigators had lain in wait, that November 2013, and arrested Goyal's alleged agent when he emerged from the banker's home.

Then they raided the home where they said they found the two watches and the cash. Simultaneously, they raided Goyal's premises, where, they claimed, they found "incriminating documents".

The investigators laid charges of bribery and collusion against Goyal, his alleged agent and the banker.

According to Indian journalists, the investigators' evidence included more than 70 hours of recorded conversations. They also interrogated Goyal's agent for half a day.

Goyal's Delhi-based scrap metal company, Worlds Window Impex India, issued...

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