Advertisement
The Gulf conflict has disrupted global supply chains, pushed...
REITs have changed the way commercial real estate is owned a...
What does it take to preserve a real estate legacy while bui...
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
The Enforcement Directorate conducted searches at multiple locations in Uttar Pradesh and Haryana as part of a money laundering investigation linked to an alleged GST fraud involving bogus Input Tax Credit (ITC). Nine premises in Muzaffarnagar and Ghaziabad, along with locations in Faridabad, were searched under the Prevention of Money Laundering Act. Officials said INR 1.1 crore in cash was seized from two locations in the two Uttar Pradesh cities. The investigation centres on Jambudwip Exports and Imports, which is accused of generating and passing fraudulent ITC through fabricated invoices and e-way bills without any actual movement of goods.
The Enforcement Directorate conducted searches at nine premises in Muzaffarnagar and Ghaziabad in Uttar Pradesh and at locations in Haryana’s Faridabad as part of a money laundering investigation linked to an alleged GST fraud.
The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA). Officials said INR 1.1 crore in cash was seized from two locations in Muzaffarnagar and Ghaziabad.
The investigation relates to the alleged fraudulent availment of bogus Input Tax Credit (ITC) and involves Jambudwip Exports and Imports. According to the ED, the company allegedly generated and passed bogus ITC using fabricated invoices and e-way bills despite there being no actual movement of goods.
The company could not be contacted immediately for its response to the searches.
The ED alleged that Jambudwip Exports and Imports used circular transactions, layered funds and made cash withdrawals through multiple bogus or non-existent entities as part of the alleged arrangement.
GST authorities have established fraudulent availment of INR 9.63 crore in ITC, which resulted in a wrongful loss to the government exchequer, according to the officials.
The searches were aimed at tracing the alleged proceeds of crime, identifying other beneficiaries and recovering documentary and digital evidence linked to the suspected fraudulent ITC network.
Source PTI
Advertisement
Facebook
Whatsapp
