TDS refund case: ED attaches properties worth Rs 70 crore

New Delhi [India], January 27 : Directorate of Enforcement (ED) on Friday, in the TDS refund case attached 32 immovable and movable properties, worth Rs 70 crores under the provisions of the Prevention of Money Laundering, 2002 (PMLA)
The 32 immovable and movable properties, attached are situated in Maharashtra and Karnataka.
These attached assets include land, flats, and luxury cars which are held in the name of Bhushan Anant Patil, Rajesh Shetty, Sarika Shetty, Kriti Verma and others.
Earlier freezing orders under PMLA in respect of 33 bank accounts of various entities having a balance of Rs 96.24 and seized cash of Rs. 2.85 lakh was also issued in the matter.
ED has initiated investigations under the PMLA based upon an FIR registered by CBI AC-I, Delhi on the basis of a written complaint of Additional Director General (Vigilance)-4 CBDT about bogus issuance of refunds for assessment Years 2007-08 and 2008-09.
The complaint stated that Tanaji Mandal Adhikari while working as a Sr. Tax Assistant had access to RSA Tokens and login credentials of his supervisory authorities, orchestrated the fraud in connivance with others in fraudulently generating TDS refunds total exceeding Rs 263 Crores and transferred in various banks accounts including the bank account of M/s SB Enterprises, a proprietary concern to Bhushan Anant Patil.
CBI has filed a charge sheet against Tanaji Mandal Adhikari, Bhushan Anant Patil, Rajesh Shantaram Shetty and others.
Investigation under PMLA revealed that, during the period of November 2019 to Nov 2020, a total of 12 fraudulent TDS refunds were generated by Tanaji Mandal Adhikari amounting to Rs 263.95 cr which were fraudulently credited to the account of M/s SB Enterprises, a proprietary concern of Bhushan Anant Patil.
"These Proceeds of Crime (PoC) were subsequently transferred into the bank accounts of Bhushan Anant Patil and other related persons and entities and also in Shell companies. During the course of an investigation under PMLA, it is revealed that one Kriti Verma had sold one such property in Gurugram, Haryana, which was acquired in 2021 out of POC of Rs.1.02 Crore and received sale proceeds in her bank accounts. Immediately search operations were conducted and the entire sale proceeds amount of Rs 1.18 crore were identified in her bank accounts and frozen," officials said.
Investigation under PMLA also revealed that immovable properties in the form of lands at Lonavala, Khandala, Karjat, Pune & Udupi areas, flats at Panvel & Mumbai areas and movable assets in the form 3 luxury cars BMW X7, Mercedes GLS400d & Audi Q7 have been acquired out of the proceeds of crime in their names and in the names of other related persons.
"On identification of these assets, Provisional Attachment Order under PMLA was issued attaching 32 assets totalling Rs 69.65 crore Out of total PoC of Rs 263 Crore, assets of Rs. 166 Crore have been attached provisionally," Officials added.