ED raids Ramesh Abhishek in money laundering case
More than two years after Lokpal’s direction and CBI case, the Enforcement Directorate (ED) on Tuesday raided controversial bureaucrat Ramesh Abhishek. The powerful bureaucrat, a close aide of Lalu Prasad Yadav and P Chidambaram was caught by the agencies for corrupt activities during his tenure as Secretary, of the Department for Promotion of Industry and Internal Trade (DPIIT) and Chairman of the Forward Market Commission (FMC). The ED raided Abhishek’s multi-story residence at Great Kailash II in New Delhi and offices associated with him.
ED raids on Ramesh Abhishek, former secretary of the Department for Promotion of Industry and Internal Trade (DPIIT). The CBI had, in February, registered a case against him for indulging in corrupt activities while heading the department and Forward Market Commission (FMC). CBI registered a case against Ramesh Abhishek after raiding his home and offices in February 2024.[1]
Ramesh Abhishek who enjoyed close proximity with Chidambaram was chief of the Forward Markets Commission faced charges for the NSEL spot exchange fiasco. After retirement, the consultancy firm of Ramesh Abhishek enjoyed several big clients including Paytm and its holding company One97, Amway India Enterprises, Dharampal Satyapal Ltd, P&A Law Offices and Primus Partners Pvt Ltd, PAGAC III Holding IV (HK) Ltd, Harsha Vardhana Singh, Atmanirbhar Digital India, Foundation, Social and Political Research Foundation, IDH Sustainable Trade Initiative and Aakhya Media Services Pvt Ltd.
In a clear case of quid pro quo, post his retirement, these companies now feature as his clients and contribute to his income of over Rs.2.7 crore in the financial years 2020-21 and 2022-23. Interestingly, two of the clients, Lulu International Shopping Mall Pvt Ltd and PAGAC III Holding IV (HK) Ltd featured in the Panama Papers Leak.
The complaint to Lokpal and CVC also revealed misuse of the official position by Abhishek as a bureaucrat. According to the complainant, in the garb of prompting ease of doing business as a key member of the government panel on Make in India, Abhishek got his daughter Vaneesa Agrawal appointed as a consultant to several firms and charged heavy fees. He misused his position to influence the then SEBI Chairman U.K. Sinha and had his daughter appointed in the SEBI by creating a special vacancy, it was alleged.
The previous year, Ramesh Abhishek had admitted to the Lokpal at having earned over Rs.2.7 crore as a professional consultancy fee in just 15 months since his retirement. The Lokpal has directed CBI and ED to probe into matters, including the valuation of his big bungalow in Greater Kailash-II.[2]
Reference:
[1] CBI raids former bureaucrat Ramesh Abhishek – Feb 20, 2024, PGurus.com
[2] Controversial retired IAS officer Ramesh Abhishek admits earning Rs.2.7 crore consultancy fees in 15 months. Lokpal orders ED to probe – Jun 16, 2023, PGurus.com
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