TDS fraud case: ED attaches assets worth nearly Rs 70 crore

The Enforcement Directorate ED on Friday said it has attached 32 immovable and movable properties worth Rs 696599720 in Maharashtra and Karnataka in a case relating to fraudulent issuance of TDS refund of Rs 263 crore from Income Tax DepartmentThe case was lodged against Tanaji Mandal Adhikari and othersAccording to probe agency officials these attached assets include land flats luxury cars which are held in the name of Bhushan Anant Patil Rajesh Shetty Sarika Shetty Kriti Verma and othersEarlier freezing orders under PMLA in respect of 33 bank accounts of various entities having balance of Rs 962347885 and seized cash of Rs 285 lakh was also issued in the matter the official saidThe ED initiated investigations under the PMLA based on an FIR registered by the CBIThe federal probe agencys FIR was on the basis of a written complaint of Additional Director General Vigilance 4 CBDT about bogus issuance of refunds for assessment Years 200708 and 200809It was alleged that Tanaji Mandal Adhikari while working as a Senior Tax Assistant had access to RSA Tokens and login credentials of his supervisory authorities He allegedly orchestrated the fraud in connivance with others The accused fraudulently generating TDS refunds exceeding Rs 263 crore and transferred it in various bank accounts including the bank account of SB Enterprises a proprietary concern to Bhushan Anant PatilThe CBI has also filed charge sheet against Adhikari Patil Rajesh Shantaram Shetty and others for committing offences punishable under Sections 7amp132 rw 131a of PC Acr and Section 66 of IT ActAlso Read Morbi bridge collapse 1262page chargesheet filed Patel included as accusedDuring investigation the ED had learnt that between 15112019 and 04112020 as many as 12 fraudulent TDS refunds were generated by Tanaji Mandal Adhikari of Rs 2639531870 which were fraudulently credited in the account of SB EnterprisesThese 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 companiesInvestigation revealed that one Kriti Verma had sold one such property in Gurugram Haryana which was acquired in the 2021 out of POC of Rs 102 crore and received sale proceeds in her bank accounts Immediately search operations were conducted and the entire sale proceeds amount of Rs 118 crore were identified in her bank accounts and freezed the official saidImmovable properties in the form of lands at Lonavala Khandala Karjat Pune and Udupi areas flats at Panvel and 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 by the accused the ED saidOn identification of these assets Provisional Attachment Order under PMLA was issued attaching 32 assets totalling to Rs 696599720Of the total PoC of Rs 263 crore assets of Rs 166 crore have been seizedFurther investigation in the matter is onThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever