1 week ago
ED Raids Nine Premises Over Alleged Rs 10.28 Crore ITC
The Directorate of Enforcement searched nine places in Uttar Pradesh and Haryana.
It is investigating suspected fraud involving tax credits.
Officials say fake invoices and E-way bills were used even though no goods were actually moved.
The investigation involves Jambudwip Exports & Imports Ltd.
and other connected entities.
Investigators believe money moved in circles through several fake or non-existent companies.
Some of the money was allegedly withdrawn as cash.
Officials said the suspected fraud involved Rs 9.63 crore in wrongly claimed tax credit and Rs 10.28 crore passed to others.
The searches are intended to find documents and digital evidence and identify who benefited.
The Directorate of Enforcement searched nine premises in Muzaffarnagar, Ghaziabad and Faridabad on Monday.
The searches concern alleged fraudulent availment and passing of Input Tax Credit through fabricated invoices and E-way bills.
Investigators linked the case to Jambudwip Exports & Imports Ltd. and associated entities.
Officials alleged circular transactions, rapid fund layering and cash withdrawals through bogus or non-existent entities.
GST authorities established fraudulent availment of Rs 9.63 crore and passing of Rs 10.28 crore in ITC.
- Who
- The Directorate of Enforcement is investigating Jambudwip Exports & Imports Ltd. and associated entities.
- What
- Searches were conducted in an alleged money-laundering case involving fraudulent Input Tax Credit transactions.
- Where
- Nine premises were searched across Muzaffarnagar and Ghaziabad in Uttar Pradesh, and Faridabad in Haryana.
- When
- The searches were conducted on Monday.
- Why
- The agency is tracing suspected proceeds of crime and seeking evidence about the alleged fraudulent ITC network and its beneficiaries.
Key facts
- Agency
- Directorate of Enforcement, Lucknow Zonal Office
- Legal provision
- Prevention of Money Laundering Act, 2002
- Premises searched
- Nine
- Fraudulent ITC availed
- Rs 9.63 crore
- ITC allegedly passed on
- Rs 10.28 crore
- Locations
- Muzaffarnagar, Ghaziabad and Faridabad
- Alleged method
- Fabricated invoices and E-way bills without actual movement of goods
Quotes
ED officials
Officials involved in the Enforcement Directorate investigation
“GST authorities have established fraudulent availment of Rs 9.63 crore ITC and passing on of Rs 10.28 crore ITC, resulting in wrongful loss to the Government exchequer which constitutes proceeds of crime under PMLA”
thehansindia.com
Sources
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