Dev presented the Rohit Kapoor file on Day Eight, Thursday afternoon, in the Saket office.
"Kapoor Industries. Third generation, as advertised. Grandfather founded a textile manufacturing unit in Noida in 1971. Father expanded into industrial equipment manufacturing in the nineties. The family is worth approximately 3,200 crore on paper. Rohit has been managing the family business for eight years — father had a stroke in 2016, partially incapacitated."
"On paper," Arjun said.
"On paper." Dev opened a second folder. "Kapoor Industries has two subsidiaries that have been underperforming significantly for three years. One is a steel processing unit in Sonipat — production numbers don't match the energy bills. The other is a logistics company in Gurgaon that has client contracts but no trucks."
"Shell companies," Arjun said.
"Classic structure. The parent company shows healthy numbers because the losses in the subsidiaries are being written off against fictional revenues. The actual business is profitable but significantly smaller than the reported business. The timing: Rohit has been running this structure for approximately two years. In the last six months, there are signs of scrutiny — two Ministry of Finance inspections of the Sonipat unit, triggered by something in the tax filings." Dev looked at Arjun. "Six months ago is also when Rohit Kapoor began seriously pursuing Priya Malhotra."
Arjun looked at the folder. "Malhotra is on the parliamentary finance committee. He has no direct power over Ministry of Finance enforcement actions, but he has relationships with people who do. The Malhotra-Kapoor alliance is — for Rohit — potentially very useful."
