E-Paper
ED seizes ₹16.3 lakh, papers of properties worth ₹40 crore in raids across Haryana, Punjab
ED had initiated investigation on the basis of various FIRs registered by Haryana Police in various districts of the state relating to claiming of false input tax credit and getting fraudulent refunds in connivance with officers of the excise and taxation department, causing loss to the public exchequer to the tune of a crores
The Enforcement Directorate (ED) on Friday seized documents of properties worth over ₹40 crore, bank lockers, DMAT accounts and more than ₹16.38 lakh cash during raids at 14 locations in Haryana and Punjab in a money-laundering case related to alleged bogus input tax credit claim.
As per the ED, the searches were conducted at the business and residential premises of three officers of excise and taxation department of Haryana and syndicate members Mahesh Bansal, Padam Bansal, Amit Bansal, Monil Bansal, Rishi Gupta, Harish Biyani and others, who allegedly incorporated bogus firms for claiming false tax credit claim without any movement of goods. The searches, under the provisions of Prevention of Money Laundering Act (PMLA), 2002, had started on July 9.
ED had initiated investigation on the basis of various FIRs registered by Haryana Police in various districts of the state relating to claiming of false input tax credit and getting fraudulent refunds in connivance with officers of the excise and taxation department, causing loss to the public exchequer to the tune of a crores.
The ED investigation revealed that bogus firms were incorporated by syndicate members and the sales in these bogus firms were claimed at concessional rate of tax against “C” forms, resulting into claim of false input tax credit and ultimately getting fraudulent refunds with the help of officers of Excise and Taxation Department. These fraudulently attained refunds have been withdrawn in cash and utilised for acquisition of movable and immovable properties worth several crores.
