• Andaleeb Sehgal: He floated two companies outside India, that is Indrus Trading Company, Jersey, Channel Islands and Hamdaan Exports, British Virgin Islands, without permission of the RBI. He also opened a bank account with the Jordan National Bank, Limassol, Cyprus in his name without RBI permission. He acquired foreign exchange worth $62,000 and transferred the same to residents outside India, all in contravention of FEMA regulations. The Jordan National Bank account, the notice states, presently has a balance of $1,930 in May 2006 which is liable to be confiscated.

• Mohammad Asad Khan: Without RBI permission, dealt in foreign exchange totalling $3,00,268 in connection with one of the two oil contracts with unauthorized persons and thus, also acted in contravention of FEMA.

• Hamdaan Exports, New Delhi: Without RBI permission, dealt in foreign exchange totalling $8,98,027 for two oil contracts. From the company’s Jordan National Bank account, $1,46,247 was routed to Indrus Trading Company and of this, $89,000 was transferred to Coburg. Further, of this amount $43,793 was received from Coburg into the account of Hamdaan Exports in New Delhi. “This amount’’ the show-cause states, “was withdrawn in cash from the account of M/s Hamdaan Exports and used for purchase of Mercedes car’’.

• Hamdaan Exports, British Virgin Islands: Through Andaleeb Sehgal, the company dealt in foreign exchange totalling $7,39,241 which was routed to the Jordan National Bank, Limassol, Cyprus. The account has a balance of $156 which is liable to be confiscated.

• Indrus Trading Company, Jersey and New Delhi: Has Andaleeb Sehgal and Aditya Khanna as directors. Dealt in foreign exchange totalling $1,46,247 (that is, $96,785 acquired as commission from Masefield and $49,461 transferred from the account of Hamdaan Exports) and made the following payments: $89,000 to M/s Coburg and $14,5000 to M/s Fynmores. Indrus further transferred $17,500 to Hamdaan Exports, New Delhi and $7,000 to Sehgal Consultants, New Delhi. They held $1,46,247 in their account with Barclays Bank, Jersey, Channel Islands and failed to either take RBI permission or repatriate the funds.

... contd.