Investigations reveal that the multi-crore income tax (I-T) refund fraud was carried out using a defunct cooperative credit society to park the money.
CBI officials said, chartered accountant Dilip Vyas and his partner Mohan Ghadge had taken over the Sri Guru Cooperative Credit Society last year and held important positions in the committee. They had also inducted their assistant Sandeep Roy in the committee.
Officials said that the accused took over the society for a consideration of Rs 1.5 lakh and also disbursed some loans to people through the society. The agency is verifying how much money did the accused park in the society and if the disbursed loan amount is part of the fraud.
The CBI arrested Vyas on Friday while Ghadge and Roy are still not traceable. The CBI also arrested three I-T officials and a part time television artist on Sunday in connection with the fraud. Although initial estimations for the total amount sucked out of the system through the fraud was Rs 14 crore, the I-T authorities froze some bank accounts stemming the loss at Rs 6 crore. Some of the accounts had deposits ranging between Rs 5 lakh and Rs 10 lakh each.
The CBI has so far been able to establish a fraud of around Rs 3 crore and is investigating further to locate the remaining defrauded amount.
The CBI found that Vyas allegedly purchased three vehicles including a Ford Endeavour, Ford Fiesta and a Suzuki Swift from the scam money. The agency is also investigating investments made in a flat by I-T inspector Pramod Prabhakar, who has also been arrested.
The CBI found that some of the accused also invested part of the scam money with some builders. The CBI is verifying the amount invested and the builder groups.