Kapil Dev under IT radar for buying company for heavily deflated price: Report

The report claimed that Kapil, along with other share holders, have bought the company for less than Rs 6 crore when the actual cost was Rs 32 crore.

Last Updated: Feb 11, 2016, 22:38 PM IST
Kapil Dev under IT radar for buying company for heavily deflated price: Report

New Delhi: Legendary Indian all-rounder Kapil Dev has reportedly come under the scanner of Income Tax for his alleged buying of a company that belongs to a close associate of controversial Noida chief engineer Yadav Singh.

According to a report in ABP News published on Thursday, the law enforcement agencies are probing a business deal in which the former India captain, his wife Romi Dev, along with two other share holders, bought the company for a heavily deflated price.

The report further claimed that an investigation revealed that Kapil, along with other share holders, have bought the company for less than Rs 6 crore when the actual cost was Rs 32 crore.

The income tax department has found that the shares were sold at a price of Rs 140 per share, when the value of the shares at the time was Rs 438.70, the report added.

It's also reported that the 1983 World Cup winning captain talked off the record with ABP News.

“I don’t know Yadav Singh. I never bought any company from him nor sold any. Except for the company’s share value, I also paid company’s outstanding amount. I have resigned from the company and have sold my and my wife’s shares. I had bought this company on bank loan,” the report quoted him as saying.

In between, Yadav Singh is alleged to have pocketed over Rs 100 crore as "undisclosed commission" during his tenure between 2008-14.

He was arrested by CBI on February 3, becoming the second in the case with first one being Project Engineer Ramendra, who used to directly report to Singh.

According to widely reported claims, an initial probe shows, projects of over Rs 2,500 crore were passed by Singh during his tenure of which about an average of five per cent was taken by him as commission.

The agency is also reportedly checking every contract awarded during the tenure of Singh as chief engineer of Noida, Greater Noida and Yamuna Expressway, and also the beneficiaries of those contracts.

Singh is facing two CBI cases – one of corruption involved in giving contracts and the other of amassing properties in his and his family's name which are disproportionate to the known sources of his income.