1. VAT Refund Scam: ED attaches assets worth Rs. 1.14 crore

VAT Refund Scam: ED attaches assets worth Rs. 1.14 crore

The Enforcement Directorate on Wednesday attached immovable properties worth Rs. 1.14 crore under the Prevention of Money Laundering Act, 2002, belonging to one Rajeev Mehan of Ludhiana who was involved in availing VAT refund fraudulently.

By: | New Delhi | Published: May 31, 2017 10:58 PM
VAT Refund Scam, Enforcement Directorate, Prevention of Money Laundering Act, Rajeev Mehan,  laundered assets, immovable properties The Enforcement Directorate on Wednesday attached immovable properties worth Rs. 1.14 crore under the Prevention of Money Laundering Act, 2002, belonging to one Rajeev Mehan of Ludhiana who was involved in availing VAT refund fraudulently.

The Enforcement Directorate on Wednesday attached immovable properties worth Rs. 1.14 crore under the Prevention of Money Laundering Act, 2002, belonging to one Rajeev Mehan of Ludhiana who was involved in availing VAT refund fraudulently. The accused, who owned M/s Trimurti Hosiery in the name of his employee, had fraudulently obtained VAT refund of Rs. 1, 14, 61, 042 on the basis of forged and fabricated documents from the Excise and Taxation Department of Ludhiana.

Out of the aforementioned total, Rs. 67.5 lakh was diverted to the account of M/s Jaldhara Cotspin Pvt Ltd. The same was transferred to different accounts of the companies owned by the relatives of the directors and then cash withdrawals were made out of those. An amount of Rs. 47.5 lakh was utilised by Rajeev Mehan by diverting into his company, M/s Shreyas International to repay his loan or siphoned off by cash withdrawals.

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Due to non-availability of the laundered assets, immovable properties in his possession have been attached as Proceeds of Crime.

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