Pradip Burman's foreign bank account is legal, says Dabur

Pradip Burman's foreign bank account was "opened when he was an NRI, and was legally allowed to open this account", Dabur India said on Monday in an official statement. Rajkot-based bullion trader Pankaj Lodhya, who was also named by the government in Supreme Court having black money account, has denied having an account in Swiss Bank.

Pradip Burman is a member of the promoter family of Dabur India.

"The Burman family is committed to the highest standards of corporate governance and encourage ethical behaviour at all levels. We wish to state that this account was opened when he was an NRI and was legally allowed to open this account. We have followed all the laws and the complete details regarding the account have been voluntarily, and as per law, filed with the Income Tax Department, and appropriate taxes paid, wherever applicable. Therefore, it is unfortunate that every person having a foreign bank account is being painted with the same brush," the official statement said.

Pradip Burman was once a wholetime director of Dabur India but he does not hold any executive position in the company now.

Dabur India is a 130-year-old fast moving consumer goods (FMCG) company that started its journey from erstwhile Calcutta and has around 200 plus products in its portfolio.

Meanwhile, Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, denied having a foreign bank account and said he was shocked to find his name in the list.

"I have no account in the Swiss bank. I have no foreign bank account. I came to know about this from media, I am shocked," Lodhya told reporters in Rajkot.

"I have declared all my wealth before the Income Tax department," he said.

Replying to a question on his future course of action, Lodhya said, "We will cooperate with all the authorities and legal procedure will be followed by us."

Lodhya is the owner of city-based Shreeji Trading Company, which is involved in bullion trading. It has business links in all major cities of the country for gold trading.

The firm offers wholesale delivery of bullion to domestic users like ornament manufacturers, goldsmiths, jewellers and semi-wholesalers.

The group, established 15 years back, has branch networks in Ahmedabad, New Delhi, Jaipur, Raipur, Indore and Bangalore, its website said.

It has two subsidiaries - Shreeji Ornaments Pvt Ltd and Shreeji Realty.

Lodhya's firm also started a spot precious metal online trading system called Shreeji Spot in 2008.

The central government on Monday disclosed names of three people, including Pradeep Burman, who are holding bank accounts in foreign countries and are now under the lens of Income Tax authorities.

(With PTI inputs)