ED Mumbai arrests businessman in income tax refund fraud of Rs.263 crore
The Enforcement Directorate (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 officials said in a statement late May 19 evening.
Mr. Batreja is arrested in a case of Income Tax Refund fraud of Rs. 263 crore.
“Mr. Batreja was instrumental in diverting part of Proceeds of Crime (PoC) of Rs, 55.50 crore to outside India and round-tripping part of said PoC in two entities in India under the guise of investment from Dubai,” the ED officials said.
Earlier, three accused persons were arrested in this case including Tanaji Mandal Adhikari, Bhushan Patil and Rajesh Shetty who are presently in judicial custody.
“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 Rs, 263.95 crore. During the investigation it was revealed that Mr. Batreja helped Mr. Adhikari in diverting PoC of Rs, 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.
