ED seizes Rs 16.38 lakh cash, documents of Rs 40 cr worth properties in raids across Haryana, Punjab

New Delhi, July 12 : The Enforcement Directorate (ED) seized documents of immovable properties worth more than 40 crore, bank lockers, DMAT accounts as well as Rs 16.38 lakh unaccounted cash during raids conducted at 14 locations in Haryana and Punjab on July 9 in a money laundering case, the agency said on Friday.
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 incorporated bogus firms for claiming false interstate sale of taxable commodities without any movement of goods.
ED's Chandigarh Zonal Office had conducted search operations under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
The agency initiated investigation on the basis of various First Information Reports registered by Haryana Police in various districts of Haryana relating to claiming false input tax credit and getting fraudulent refunds in connivance with officers of Excise and Taxation Department causing loss to the public exchequer to the tune of crore.
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, the agency said .
"These fraudulently got refunds have been withdrawn in cash and utilized for acquisition of movable and immovable properties worth several crore," it added.