The Enforcement Directorate arrested an Indian businessman in the matter relating to income tax refund fraud of ₹263 crores.
The ED, Mumbai Zonal Office arrested Rajesh Brijlal Batreja on May 16, 2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
“The ED initiated an investigation based on FIR registered by CBI under various sections of IPC, 1860 and Prevention of Corruption Act, 1986 against Mr. Adhikari and others for fraudulently generating and issuing TDS refunds from Income Tax Department to the tune of ₹263.95 crore. During the investigation it was revealed that Mr. Batreja helped Mr. Adhikari in diverting PoC of ₹55.50 crore into three shell companies in order to convert the same into cash for sending it outside India by hawala channel,” an ED official informed.
The investigation also revealed that Mr. Batreja has further invested part of the said siphoned-off PoC in the two Indian companies based in Mumbai and Gurugram under the guise of share investment by making cross border remittances.
The investigation also revealed that Mr. Batreja has further invested part of the said siphoned-off PoC in the two Indian companies and hence he was arrested for his involvement in dealing with proceeds of crime, and was produced before the Special Court (PMLA), Mumbai on May 17, 2024. The court has granted custody of Mr. Batreja to the ED till May 22, 2024.
Earlier in this case, immovable and movable properties to the tune of ₹168 crore have been identified, seized and attached so far.
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