The investigative report dwelt with the source of funds for Purti Power and Sugar Ltd, controlled by Nitin Gadkari.
"Investigations reveal significant investments and large loans to Purti by a construction firm, Ideal Road Builders (IRB) Group, which had won contracts between 1995 and 1999, when Gadkari was the PWD minister in Maharashtra.
"Besides IRB Group, the other significant shareholders in Purti are a clutch of 16 companies", the report said.
The TOI report said, investigations across four cities revealed that most addresses in which these companies are registered are unverifiable, and that the firms are controlled by Gadkari's close aides.
The report said, records of 2010-11 show that directors of these investor companies included Gadkari's driver Manohar Madhavrao Panse, his 'diwan' (accountant) Kawdu Pandurang Zade and two employees of Purti -- Sagar Kotwaliwale and Nishant Agnihotri.
"One of them is said to be a friend of his son, Nikhil. The IRB connection is significant. The company and its promoter D P Mhaiskar together subscribed to 68.4 lakh shares of Purti.
" More importantly, an IRB firm, Global Safety Vision, loaned Rs 164 crore to Gadkari's company. The BJP chief, who is one of the seven promoters of Purti, currently holds just 310 shares worth Rs 3,100", says the TOI report.
The report says, Global's loan came in a year when Purti had a turnover of Rs 145 crore and accumulated losses of Rs 48.94 crore.
