Mumbai: The Enforcement Directorate (ED) which is investigating the fraudulent TDS withdrawal of ₹263 crore has found a suspicious bank transfer of ₹7.21 crore between a private firm and a Lucknow-based account linked to an individual. “The transaction is being verified to see if it is linked to the proceeds of crime in the case,” said a source from the agency.
The fraudulent refunds were undertaken with the alleged help of Tanaji Mandal Adhikari, a senior tax assistant, and a few others who were arrested last month. The ED’s probe is based on a CBI case registered by one of its Delhi units on receipt of a written complaint from the Central Board of Direct Taxes’ (CBDT) Additional Director General.
A substantial chunk of the crime’s proceeds in the case, including around ₹55 crore diverted to shell firms by one of the accused to pass them off as untainted money, are being traced for recovery by the agency, sources said. The fraudulent refunds were undertaken by a few accused persons, including Adhikari, a former senior tax assistant, who had allegedly misused his access to the login credentials of his supervisory authorities to perpetrate the fraud at the behest of other accused persons, sources said.
It was alleged that a firm, SB Enterprises, a proprietary concern of a co - accused, had fraudulently obtained the hefty TDS refunds of ₹263.95 crore in lieu of genuine claims worth around ₹16 lakh spread over two assessment years, 2007-08 and 2008-09, with the help of Adhikari. The probe found a total of 12 fraudulent TDS refunds amounting ₹263. 95 crore were allegedly received in the current bank account of SB Enterprises with the State Bank of India. The entire proceeds of crime were allegedly routed in the bank account of one of the three accused persons and from there, its further diversion took place, a source said.
{{/usCountry}}It was alleged that a firm, SB Enterprises, a proprietary concern of a co - accused, had fraudulently obtained the hefty TDS refunds of ₹263.95 crore in lieu of genuine claims worth around ₹16 lakh spread over two assessment years, 2007-08 and 2008-09, with the help of Adhikari. The probe found a total of 12 fraudulent TDS refunds amounting ₹263. 95 crore were allegedly received in the current bank account of SB Enterprises with the State Bank of India. The entire proceeds of crime were allegedly routed in the bank account of one of the three accused persons and from there, its further diversion took place, a source said.
{{/usCountry}}“Investigation to trace the proceeds of crime is under progress. The probe has also taken under its scanner, a transaction related to the transfer of an amount of ₹7.21 crore from the bank account of SB Enterprises to a Lucknow bank account of an individual,” a source said.
“The transaction is being verified to see if it is linked to the proceeds of crime in the case as well,” the source said.
The ED’s probe revealed that from November 15, 2019 to November 4, 2020, a total of 12 fraudulent TDS refunds were generated allegedly by Adhikari.
ED sources said that out of the total proceeds of crime of ₹263.95 crore, assets worth ₹166 crore have been seized /frozen/ attached provisionally so far. Besides immovable properties at Lonavala, Khandala, Karjat, Pune and Udupi (Karnataka), flats at Panvel and Mumbai, the attachments included assets such as luxury cars (BMW X7, Mercedes GLS400d, Audi Q7) held in the name of accused persons.
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