Income Tax Dept detects Rs18,000 crore bogus billing scam
In a major crackdown on black money and hawala transactions, the Income Tax (IT) Department has detected Rs 18,000 crore bogus billings in the national capital, officials said on Monday.
 
A senior IT Department official said the department had carried out a series of searches and surveys for the past few weeks and busted three group operators indulging in the business of providing bogus entries and hawala transactions. 
 
He said one such survey on a group in central Delhi's Naya Bazar led to the detection of over Rs 18,000 crore bogus billing. The group had floated 12 bogus entities for providing fake bills, he said.
 
Explaining break-up of bogus entries, the official said about 1,462 people/firms benefited by showing bogus entries of over Rs 8,211 crore through sales, while over Rs 5,590 crore was detected with 1,095 beneficiaries through purchases. 
 
Another bogus entries of over Rs 3,851 crore through consignment of goods by 299 beneficiary firms was also detected. 
 
In an another case, a highly organised money laundering racket was unearthed wherein current transactions in well-known shares were fraudulently camouflaged as being sales of old shares for years.
 
"In this way, the beneficiaries have been found claiming bogus long-term capital gains," he said, adding the magnitude of the scam unravelled so far has crossed Rs 1,000 crore. "This figure appears to be tip of the iceberg and this kind of transaction has been going on for years."
 
The official also said searches and surveys on a third group involved in hawala transactions and money laundering led to detection of undisclosed foreign bank accounts and a well-established racket of claiming bogus duty draw back/goods and services tax (GST) through over-pricing of exports. 
 
"The preliminary estimates of such exports are more than Rs 1,500 crore," he said.
 
"Evidence of arranging foreign trips and foreign currency for people on foreign trips have also been found," he added. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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CBI grills Kumar, Ghosh in chit fund scams
The Central Bureau of Investigation (CBI) on Monday again questioned Kolkata Police Commissioner Rajeev Kumar and former Trinamool Congress Rajya Sabha member Kunal Ghosh in connection with the Saradha and Rose Valley chit fund scams.
 
This is the third consecutive day of questioning for Kumar by the CBI and the second day for Ghosh, who was made to sit face-to-face with the Police Commissioner, on Monday.
 
"Both of them are being examined and we don't know how it will long take," a CBI official said.
 
Ghosh, arrested on November 2013 in connection with the two chit fund scams and granted interim bail by the Calcutta High Court in 2016, said: "They (CBI) have summoned me. I have come here as per the Supreme Court order and I will cooperate with them.
 
"The CBI is interrogating the very police officer who grilled me. This is my moral victory," he said.
 
Ghosh had earlier implicated former Union Minister Mukul Roy, who has quit the Trinamool Congress and joined the Bharatiya Janata Party, and 12 others in the Saradha chit fund scam.
 
On Saturday, the CBI interrogated Kumar for eight hours on charges of withholding and tampering important documents.
 
Kumar arrived in Shillong on Friday evening from Kolkata via Guwahati after the Supreme Court, while hearing the matter on Tuesday, directed him to join the CBI probe at a "neutral place" in Shillong.
 
He was accompanied by three senior state police officers - Additional Police Commissioner Javed Shamim, Special Task Force chief Murlidhar Sharma and CID chief Praveen Kumar Tripathi.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

waheed parwez

2 months ago

informative and useful ...ee have full faith in the judiciary.....

Special CBI Court Acquits Bhupen Dalal, TB Ruia and 4 Others in the 1992 StanChart Securities Scam; Hiten Dalal convicted again

A special court of Central Bureau of Investigation (CBI) has acquitted Bhupendra Dalal, Arvind Mohanlal, Tej Kumar Ruia, Krishnakant Vyas, Naresh Aggarwala and GN Hegde in the 1992 securities scam involving Standard Chartered Bank, Bank of Karad (BOK), Metropolitan Co-operative Bank (MCB) and HSBC Bank. Both BOK and MCB collapsed owing to this scam.

 

In her judgement on 31 January 2019, Justice Dr Shalini Phansalkar Joshi, said, "...their bail bonds stand cancelled. However, as per Section 437-A of the Criminal Procedure Code (Cr PC), they are directed to execute the personal recognizance (PR) bonds of the amount of Rs50,000 each, with Surety Bond in the like amount, to appear before the Supreme Court, as and when such Court issues notice in respect of any Appeal or Petition, that may be filed against the 'Judgment' of this Court, and such Bail Bonds shall be in force for a period of six months."

 

The Court convicted Hiten Dalal, Kishan Kapadia, Sudhakar Ail, CS Raje, S Ramaswamy and Santosh Mulgaonkar and sentenced them rigorous imprisonment for one year and levied a fine of Rs30,000 each. For other offence punishable under Section 471, all these were sentenced to rigorous imprisonment for two years, and to pay a fine of Rs25,000 each. Hiten Dalal, Kishan Kapadia, Sudhakar Ail, and CS Raje were further sentenced to one year rigorous imprisonment and a fine of Rs10000 each under section 414.

 

The case is related with unaccounted stocks worth Rs300 crore for which StanChart was neither provided securities nor any bank receipt from the counter party banks, despite paying the money. When the bank took up the matter, Hiten Dalal promised to handover bank receipts for the shortfall.

 

According to complaint filed by StanChart, during a meeting arranged by Hiten Dalal with others like Bhupendra, Abhay Dharamsingh (AD) Narottam and Tej Kumar Balkrishna Ruia, it was admitted by Mr Ruia of having received Rs90 crore and Rs125 crore from Mr Narottam from the proceeds of defrauded money. "It was also revealed that, substantial part of defrauded money obtained in the account of Mr Narottam with BOK was transferred to the account of Hiten Dalal with Andhra Bank."

 

"In the subsequent meeting dated 30 May 1992, it was further disclosed by Hiten Dalal that, Jagdish Pannalal Gandhi (since deceased) had received a sum of Rs600 crore, out of the funds diverted to BOK. Kishan Kantilal Kapadia, in his capacity as the 'Vice-President' of MCB, has issued two BRs of Rs19.89 crore and four BRs of Rs10 Lakhs, without backing of genuine securities. 

 

"Arvind Mohanlal, the 'Chief Dealer' of SCB, and Jaideep Jagdish Pathak, 'Manager' of SCB, were also found to be involved in the said conspiracy. Bhupendra Dalal and AD Narottam were 'Directors' of BOK and all fraudulent transactions of SCB were made in the account of Mr Narottam. BOK was maintaining its 'Securities Account' in the name of Mr Narottam. CS Raje, the 'Manager' of BOK, had signed these BRs and SGL Transfer Forms. Sudhakar Ail, the staff of BOK, has issued cost memos, delivery orders, sgl transfer forms, vouchers and other documents, without back-up of genuine securities, for transferring the amount in the account of AD Narottam. Hiten Dalal was maintaining his 'securities account' with Andhra Bank, where funds fraudulently

obtained from SCB were credited," the complaint says.

 

After investigation, StanChart found the fraud was worth Rs890 crore after deducting securities worth Rs205 crore transferred or sold by the lender by Hiten Dalal and securities worth Rs145 crore handed over by him to the Bank.

 

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