ED Claims Santiago Martin Set Up 350 'Shell Companies' To Hold Properties: Report
New Delhi: The Enforcement Directorate (ED) came across that ‘Lottery King’ Santiago Martin and his group of companies has set up more than 350 entities or “shell” companies where little to no business activities are being conducted, an Indian Express report states. Santiago Martin, the founder and chairman of the Martin Group of Companies, is commonly known as the “Lottery King” of India.
Top officials from the agency said that among the 350 entities incorporated by Martin and his family members, there were 15 partnership firms, 200 companies and 110 limited liability partnerships (LLPs).
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When the agency investigated, they found out these firms remain as just “land-holding entities” without any actual business taking place and possess no other source of funds except “diversion” from the lottery business to acquire properties, the report said.
In their recent searches in November 2024, the ED has seized records in connection with investments made by Martin and his companies regarding immovable properties located in Coimbatore, Chennai, Dubai and London.
As per the data, the company has donated across different political parties. Among them, TMC emerged to be the biggest beneficiary with Rs. 542 crore; DMK came second position with Rs 503 crore; YSR Congress occupied third with Rs 154 crore and the BJP received bonds valuing around Rs 100 crore.
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Martin hit headlines in March 2024 when his company Future Gaming and Hotel Services, emerged to be single largest donor of electoral bonds, having purchased Rs 1,368 crore worth of electoral bonds between April 2019 and January 2024.
Future gaming is a gaming company based in Coimbatore, founded in 1991 by Martin. Martin and his company have been under the scanner of multiple investigative agencies for a long time over the allegations of irregularities.
