The Enforcement Directorate, after more than nine years since it first registered a case against lottery king Santiago Martin and his companies, has learnt that the group had set up more than 350 entities or “shell” companies where little to no business activities were being conducted, reported The Indian Express.
Top ED officials said that of the 350 entities, there were 15 partnership firms, 200 companies and 110 limited liability partnerships (LLPs), the report added.
These firms are only “land-holding entities” without any actual business happening and no other source of funds except “diversion” from the lottery business to acquire properties, the probe agency said.
The probe agency, in their latest searches in November 2024, seized records related to investments made by Martin and his companies in immovable properties located in Coimbatore, Chennai, Dubai and London.
Martin came into the limelight in March 2024 when Future Gaming and Hotel Services, the company owned by him, emerged as the top donor to political parties via electoral bonds.
The company bought electoral bonds worth Rs 1,300 crore approximately between 2019 and 2024. The poll panel uploaded the data on its website as received from the State Bank of India (SBI) after the Supreme Court's directions.
Future Gaming and Hotel Services, the company that is featured as the top electoral bond donor, operates gaming facilities, including casinos, electronic gaming centres and other forms of gaming establishments. It offers a range of games such as slot machines, card games, and other electronic gaming options.
Santiago Martin and his companies have faced legal scrutiny and controversies over the years for allegations of irregularities. The company has been under the scanner of multiple investigation agencies including the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED) and the Income Tax Department in 2022 and 2023.
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