Singh said the allegations are conjectures, which are never tangible.
FIR Against Amar Singh, Wife for Rs 500Cr Fraud
An FIR was filed against senior Samajwadi Party leader Amar Singh and his wife for alleged financial fraud amounting to about Rs 500 crore, a charge dismissed by him as "conjecture".
The police said today that investigations into the alleged fraud was on and, if necessary, it would be handed over some other agency like Economic Offences Wing (EOW).
The FIR was lodged yesterday at Babupurwa police station in Kanpur accusing Amar Singh and his wife Pankaja Kumari Singh of amalgamating companies allegedly owned or run by them for converting black money into white, Additional Director General of Police (Law and Order) Brij Lal told PTI in Lucknow.
The name of actor Amitabh Bachchan also figured in the 14-page complaint as director of one of the companies, the ADG said.
The complaint alleged that between 2003 and 2008, Singh and his wife had amalgamated their companies with other holdings and had amassed nearly Rs 500 crore in the process, DIG (Kanpur) Neera Rawat said.
The complainant has been identified as Shivakant Tripathi who runs a school in Kanpur and is associated with several social organisations there.
"The FIR has been lodged under various sections of IPC, Prevention of Corruption Act and Prevention of Money Laundering Act," the ADG said.
Reacting to the development, Singh said the allegations "are conjectures, which are never tangible.
"I have got nothing to hide. Everything is in public domain and on the Internet. These are public limited companies which are audited by auditors. It is easy to bring charges against Amitabh Bachchan and myself as this garners greater TRPs for television channels," Amar Singh said.
Brij Lal said Kanpur police is investigating the FIR against Amar Singh and if they recommend, permission would be sought from the government to hand it over to an agency like Economic Offence Wing.
As per the FIR, the complainant alleged Amar Singh allotted huge contracts while being the chairman of the UP Development Council to people known to him and in turn got huge sums as commission.
He also alleged M\s. Energy Development Company Limited (EDCL) and another of Amar Singh's company EDCL Wire Project Ltd earned crores in contracts between 2005 and 2007 .
One Messers Pankaja Art and Credit company and Sarvottam companies Ltd run by Amar Singh "wrongly" merged 43 other companies and though they had no business sold their shares at a higher rate, the complainant charged.
He alleged a study of the financial statement of these companies revealed irregularities, transfer of money from one company to the other, selling shares at a higher rates though they had no business, earning huge sums by trading in investments and security shares without valid licence.
The ADG said the financial details of various companies provided by the complainant are being studied thoroughly for taking further action.
Later in New Delhi, Amar Singh said he will file a criminal defamation case against Uttar Pradesh government and Chief Minister Mayawati.
"I will file a criminal defamation case against the Uttar Pradesh government and Chief Minister Mayawati. The allegations made against me by the state government are very serious."
"It has been alleged that my companies have granted favours to various state government departments and indulged in siphoning off funds. I challenge Mayawati to come up with proof substantiating these allegations," the SP general secretary told reporters in Delhi.
Singh said his companies are listed with the Bombay Stock Exchange and he himself is not a director of any of the companies mentioned in the FIR.
"I am only a shareholder in these companies and a shareholder has no role in running them. I am not a director in the said companies."
"There is a mention of amalgamation of companies in the FIR, here I would like to say that a merger authorised by High Court is not illegal. Since, I am not a director in the companies, I have nothing to do with the mergers," he added.
'FIR a Conspiracy to Malign Amar, Amitabh'
Reacting to the FIR, Samajwadi Party chief Mulayam Singh Yadav said it was a conspiracy to malign the party general secretary and cine star Amitabh Bachchan at the "instance" of UP Chief Minister Mayawati.
The FIR was based on malafide intentions, he said and demanded immediate intervention of Prime Minister Manmohan Singh in bringing the "conspirators" to book.
The development showed state government's frustration over growing political stature of Amar Singh and widespread popularity of Amitabh Bachchan and was aimed at "maligning" them, Yadav said.
This would not be accepted at any cost, he said alleging Mayawati was behind the conspiracy to malign Amar Singh and Amitabh Bachchan.
"Had there not been Chief Minister's tacit approval, police would have taken action against the conspirators behind the FIR," he said.
Warning the Mayawati government, the Samajwadi Party chief said people would hit the streets in case any action was taken against Amar Singh.
The former Uttar Pradesh Chief Minister asked the Centre to take notice of such "vindictive" action against opposition leaders by the ruling party in the state.
He recalled how 149 cases were filed against him and Amar Singh on a single day at the "instance" of Mayawati, which were dismissed by the High Court.
Yadav also recounted how Mayawati during her election speeches said both he and Amar Singh would have to spend their lives in "jail" if she was voted to power.
Referring to the FIR, the SP supremo said, "if there is any irregularity in the merger of companies, it is for the Union Ministry for Company Affairs to look into it."
"There is no basis to file an FIR on charges on which police have no jurisdiction," he said.
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