NEW DELHI: An ongoing investigation by the Enforcement Directorate against Lalit Modi and his associates has found that a firm owned by Rajasthan CM Vasundhara Raje's son, Dushyant Singh, a BJP MP from Jhalawar-Baran, received Rs 11.63 crore from the former IPL chief.A source said the ED, while on the trail of Rs 21 crore that Modi's firm Anand Heritage Hotels Pvt Ltd (AHHPL) had received from an unknown Mauritius-based entity, Wilton Investment Ltd, stumbled upon a transaction where a part of this money was used to pay Dushyant's firm Niyant Heri tage Hotels Pvt Ltd (NHHPL).The payment was made in April 2008 by way of an unsecured loan of Rs 3.80 crore and later by acquiring 815 shares in two installments. A total of Rs 11.63 crore was transferred by Modi to Dushyant's firm through loan and share purchase. The unusual price which Modi's Anand Heritage offered Dushyant to buy shares in his firm, floated during Raje's first tenure as CM, caught the atten tion of investigators. Modi bought these shares of Rs 10 at a premium of Rs 96,180 each.When contacted by TOI some time ago, Dushyant had defended the share premium, saying, "The decision to allot shares at a premium was a prudent business decision, based on proper valuation and also taking into account the future potential of the company." In a written response to TOI, he acknowledged the unsecured loan of Rs 3.80 crore from Modi's firm and share purchases in the next two financial years.Dushyant and his wife Niharika are directors in Niyant Heritage Hotels in which they had invested Rs 50,000 each. NHHPL had a total authorized capital of Rs 10 lakh. The shares of the company were priced at Rs 10 each when the company was incorporated in 2005.However, when Modi bought shares in this firm, he had to shell out Rs 96,180 for each share. The transaction for 815 shares was more than Rs 7.80 crore. Sources said the ED probe would look into whether NHHPL, when it was sold to Modi, possessed enough assets or had enough business to justify the price.Dushyant had confirmed to TOI, "AHHPL granted loan of Rs 3.80 crore to Niyant Hotels Pvt Ltd In the next two financial years, NHHPL allotted shares to AHHPL at a premium. These are duly reflected in the account books."When asked about his links with Modi and why the latter bought shares of Rs 10 at a premium of Rs 96,180, Dushyant said all that was reflected in the account books and he would not like to elaborate further. He said he was "not aware of any inquiry against us".BJP is grappling with the storm over foreign minister Sushma Swaraj 's recommendation to the UK to grant Modi travel documents.