Mumbai: Enforcement Directorate makes another arrest in ₹263 crore tax refund fraud case

The case involves the alleged fraudulent generation and issuance of Tax Deducted at Source (TDS) refunds totaling 263.95 crore by the Income-tax department. The ED's money laundering investigation is based on a CBI FIR.

Livemint, Written By Shivangini
First Published23 May 2024
The ED's money laundering investigation is based on a CBI FIR.
The ED’s money laundering investigation is based on a CBI FIR.(HT_PRINT)

The Enforcement Directorate (ED) has arrested another person, in connection with a 263 crore income tax refund fraud and money laundering case. 

The accused, Purshottam Chavan, was arrested on May 20 following a raid on his premises in Mumbai. According to PTI, the ED has secured his custody until May 27.

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The case involves the alleged fraudulent generation and issuance of Tax Deducted at Source (TDS) refunds totalling 263.95 crore by the Income-tax department. 

The ED's money laundering investigation is based on a Central Bureau of Investigation FIR.

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According to the ED, Chavan attempted to obstruct the investigation by destroying evidence crucial for tracing the proceeds of crime. During the raid, ED officials seized property documents, foreign currency, and mobile phones from Chavan's residence.

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Chavan's arrest marks the fifth arrest in the case. The ED previously arrested Tanaji Mandal Adhikari, Bhushan Patil, Rajesh Shetty, and Rajesh Brijlal Batreja, who are also accused in the case. 

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The ED alleged that Batreja and Chavan were in regular contact, exchanging incriminating messages related to hawala transactions and the diversion of crime proceeds.

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Thus far, assets worth 168 crore belonging to various accused have been attached. In September 2023, the ED filed a charge sheet against Adhikari and ten others.

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(With Inputs from PTI)

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