The Enforcement Directorate (ED) has arrested another person, Purshottam Chavan, in connection with a 263 crore income tax refund fraud and money laundering case. Following a raid on his premises in Mumbai, Chavan was arrested on May 20. The ED has secured his custody until May 27, according to PTI.
The alleged fraudulent generation and issuance of Tax Deducted at Source (TDS) refunds totalling 263.95 crore by the Income-tax department are at the heart of the case. The ED’s money laundering investigation is supported by an FIR from the Central Bureau of Investigation.
According to the ED, Chavan attempted to obstruct the investigation by destroying crucial evidence for tracing the proceeds of the crime. The ED seized property documents, foreign currency, and mobile phones from Chavan’s residence during the raid.
The fifth arrest in the case is the arrest of Chavan. Tanaji Mandal Adhikari, Bhushan Patil, Rajesh Shetty, and Rajesh Brijlal Batreja are the other accused in the case who were previously arrested by the ED. The ED behauptet that Chavan and Batreja were in regular contact and exchanged incriminating messages about hawala transactions and the diversion of crime proceeds.
Assets valued at 168 crore belonging to various accused have been attached so far. The ED submitted a charge sheet against Adhikari and ten other defendants in September 2023. To stay informed, visit Livemint, the world’s fastest expanding news website. You are now using Mint, India’s top source for news (Source: Press Gazette). To find out more about our market research and business coverage
