New Delhi, May 20
The Enforcement Directorate (ED) arrested a Mumbai based businessman in a money laundering case connected to a Rs 263 crore Income Tax Refund fraud case.
The accused was identified as one Rajesh Batreja, was instrumental in diverting Rs 55.5 crore proceeds of crime outside the country and round-tripping a part of it to two entities in India under the guise of investment from Dubai.
The agency had arrested former income tax inspector Tanaji Mandal Adhikari and businessmen Bhushan Patil and Rajesh Shetty in this case, who are presently in judicial custody.
The ED initiated the investigation based on an FIR registered by the CBI against Tanaji Mandal Adhikari and others for fraudulently generating and issuance of tax deducted at source (TDS) claims from the Income Tax Department to the tune of Rs. 263.95 crore.
As per the agency's probe, Batreja helped Tanaji in diverting PoC of Rs. 55.50 crore into three shell companies to convert the amount into cash for sending it outside India via hawala channels. He also assisted Tanaji in concealing the proceeds of crime and later in the placement and layering of said siphoned-off POC by incorporating firms with the help of a local person in Dubai to project the same as untainted.
The federal probe agency had also conducted searches at the premises of the two companies and seized digital devices for examination.
