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Defence Ministry suspends business with arms dealer Sanjay Bhandari's firm

 Ministry of Defence has suspended all the business dealing with arms dealer Sanjay Bhandari Bhandari who is facing cases of violation of the Official Secrets Act and of allegedly various financial crimes ranging from money laundering to corruption in arms deals.

The defence ministry's vigilance wing on Friday issued an order to all departments and wings as well as the Army, IAF and Navy headquarters to suspend all business dealings with Bhandari's flagship Offset India Solutions (Private) Ltd and all its group companies with immediate effect.

A no-body some years back Bhandari managed to emerge as Somebody with capital S in the lucrative Indian defence market in about seven or eight years, it is said, and he got into deep trouble when some “classified” documents dealing with big-ticket defence procurements and plans were seized in an income tax raid on his premises in April 2016.

Needless to say,   he did hold many benami properties in high-profile areas abroad; it is said his assets included undisclosed deposits in foreign bank accounts in the UAE in the various foreign currency denominations, beneficial ownership of companies incorporated in the UAE, one Flat in Palms Jumeirah, Dubai and two flats in the UK.

 

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