A Look inside Fakeer's Jhola
More instances of Bond purchases and Government contract awards and Ponzi style loan disbursements and replacements: Coincidences anyone?
Eagle Infra India Limited (EIIL) bought 4 Electoral Bonds of 1 crore in Denomination on 12th July 2023 and deposits then to BJP .. just about the time Mumbai metro rail projects tenders are supposed to be announced..
BJP encashed them on 20th July, 2023 as it can be seen in Page 441 of Bond redemption PDF.
EIIL has open charges of 2327 Crore 51 Lakh 43 Thousand 908 of outstanding debt and they didn't even pay for the damages that their construction work caused to the water supply in Andheri area of Mumbai as per Times of India (Godi Media) report..
Yes, that very entity coughed up 4 crores for BJP. This is primarily an infrastructure construction company.. but they do have very good relationship with BJP as this PIB press release shows:
What? A construction company to “Re-Open, Salvage, Rehabilitate, Develop, Construct and Operate for Excavation/ Extraction of Coal from Coal Mine and Delivery Thereof to The Authority”
No Sir, 2 Construction companies and 1 transport company.. They are hereby sentenced to mine or salvage in these mine areas and make Coking coal for next 25 years on a profit sharing basis with Government owned BCCL.. these profits shall make BJP atmanirbhar ( self reliant) and these 25 years shall be known as "Amrit Kaal" (Age of Panacea). And no I'm not making this shit up, they said so .. Let me quote PIB further...
"M/s R K Transport Co was awarded for Katras Area for a period of 25 (Twenty-Five) years @ 9% Revenue share to BCCL. This is the First for Coking Coal in India. The LOA was issued on 21.03.2023 for the quoted coal aproduction of 25.70 MT for 25 years, 1.4 MT being the proposed annual capacity. BCCL awarded the work at PB Area to M/s Eagle Infra India Ltd for a period of 25 years @ 6% Revenue share. The LOA was issued on 21.03.2023 for the quoted coal production of 52.00 MT for 25 years, 2.7 MT being the proposed annual capacity.
Likewise, M/s Vensar Constructions Company Ltd was awarded for Sijua Area for a period of 25 years @ 7.29% Revenue share. The LOA has been issued on 21.03.2023 for the quoted coal production of 28.485 MT for 25 years, 1.285 MT being the proposed annual capacity.
Being pioneer in the production of coking coal, BCCL takes pride in serving the Nation for decades and towards the vision of building Atmanirbhar Bharat."
As Supreme Fakeer frequently says "Mitron, hum aisa nahi kar sakte kya?" (roughly translated: "Comrades, can't we do this?). Yes, I guess with "Democracy dead and press buried " , they can do any scam and get away with it.
Talking about Burial, Did you know Eagle infra still owes Dena Bank 435 Crore although it has merged with Bank of Baroda but BoB is yet to take hold of this charge, in the Mortal fear of showing more NPAs.
Did you know, they opened a subsidiary in 2016 named "Parsuram Arawali Highways Private Limited" and on 2017 they took a loan of 353.5 crore from Government owned PNB Investment Services Limited. What is the status on that?
Surely Google maps should show a highway built with a cost of US$ 123 million .. sorry.. "No such number, no such soul".. Google map can't find such a highway.
And did you know what are the assets pledged by Parsuram Arawali Highways Private Limited, let me quote "Uncalled Share Capital; Goodwill; Book debts; Trademark; Patent, licence under a patent; Movable property (not being pledge); Copyright; Escrow Account, Project Agreements/Documents"
Which idiotic banker agreed to this:
1. They have Zero patent..
2. They don't even have a website, so their Trademark, if any are valued at Zero..
3. They were a 1 year old company then and even today Google maps can't find that 1 highway they were meant to build, manage and possibly collect tolls from.. So their Goodwill is possibly of Negative value.
Such loans must be called "Crony to Crony Money Transfer" as they were clearly meant to be Non-Performing Assets (NPA) from day 1.
Back to Mumbai Metro Rail story, The tenders were invited for Roofing and finishing 7 Metro stations , and I quote " Mumbai Metropolitan Region Development Authority (MMRDA) had invited bids for their architectural finishing contract in October 2023 with Rs. 200.83 crore estimate and 20 month deadline."
This report from February 2024 also says "All 7 station’s civil construction is being carried out through 6.406 km civil package CA-09 which was awarded to Tata Projects – CHEC JV way back in March 2018 with a 30 month deadline."
Next Report says, Eagle Infra India Limited has won this contract:
Now this rate of 4 crore in Electoral Bond Bribe is a special rate for extremely close friends of BJP. Did I mention, their lowest bid was 45 crores over the MMRDA estimate of 200.8 crores.
As I say that these are "Institutionalised Corruption" and such bizarre acts are not an act of a lone player. Now let's look at G R INFRAPROJECTS LIMITED
G R INFRAPROJECTS bought a set of 5 Electoral Bonds each worth 1 crore on 23rd October 2020 and put them in Fakeer's jhola, that is to say, BJP encashed them on 2nd November, 2020
This screenshot is from page 138-139 of Bond redemption PDF which proves BJP has indeed redeemed these bonds.
On 9th June, 2017, G R INFRAPROJECTS had created a fully owned subsidiary, PORBANDAR DWARKA EXPRESSWAY PRIVATE LIMITED which managed to bag the order of Porbandar Dwarka Expressway on 12th February 2018.
Isn't this funny? Create a non-government company named after a tendered Government project and bag that too.
Not just that, they had taken loans against to be awarded project.. 752 crore loan from Axis Trustee Services Limited, a fully owned subsidiary of Axis Bank.
What were the collateral for this loan? None.. these companies have permanent assets as the Expressway is part of National Highway 8E and that belongs to the people.
Expressway construction was slightly behind schedule, but they had to repay the loan to Axis Trustee on 5th February, 2021.
So they gave 5 crore to BJP, who arranged 642 crore loan from Government run SBI'S subsidiary SBICAP TRUSTEE COMPANY LTD in classical Ponzi scheme on 15th January, 2021 .. which is just 6 weeks after BJP encashed those Bonds..
They happily to the money from SBICAP Trustee and handed them over to Axis Trustee..
Do you think toll gate remittances can ever get the 642 crore loan squared off? I don't think so ...
Especially since that was turning point of G R INFRAPROJECTS' business strategy, that company itself was debt free in 2020 and now they carry outstanding loans amounting to 4086 crore 14 lakh rupees and these are all unsecured loans (no assets charged therein). This has happened in last 3 years and this doesn't include known or unknown subsidiaries' loans.
When you pay "Protection Money" to BJP in crores through Electoral Bonds and other means .. you get special credit ratings from BJP crony filled Financial sector.
Of course, they did an IPO first..
103% premium over IPO price, thanks to "Stupid Gullible Retail Investors ".. though current price in 2024 is only about Rs. 1307.
And then, Government contracts will rain down..
like in December, 2021.. Noida Metro Projects..
On March, 2022, Construction of 4-Lane Greenfield Expressway spur from Delhi-Vadodara Greenfield Expressway near Bandikui to Jaipur in Bharatmala Pariyojana Phase-1 on Hybrid Annuity Mode in the state of Rajasthan
On March, 2023 in a JV with another private company, this report calls G R INFRAPROJECTS Limited as GRIL ... they had outbid L&T in reverse auction ...
Last year, they won a Railways tunnel contract in Odisha...
Orders for Kolkata -Varanasi Expressway and Other Expressways in Madhya Pradesh, were also given to G R INFRAPROJECTS in last year or two.
Of course, they had found other modes to give kickbacks to BJP. Even BJP'S friends can't get these projects for 5 crores, special rates or not. Isn't it?
Unless of course, any of these Directors has decided to become a BJP MP or MLA.
Excellent content, Superb description.
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