Showing posts with label Shell companies. Show all posts
Showing posts with label Shell companies. Show all posts

Wednesday, 5 April 2017

In country-wide crackdown, ED arrests two, attaches Rs 100 crore properties

New Delhi: Continuing its crackdown on shell organizations and illegal tax avoidance, the Enforcement Directorate (ED) on Tuesday captured two individuals and joined properties worth over Rs 100 crore in numerous areas the nation over.

The organization additionally joined resources worth Rs 5 crore regarding the illegal tax avoidance body of evidence against Surat-based "hawala administrator" Afroz Fatta and his partners.

Illuminating about the twin captures, an ED official disclosed to IANS that Reddy had drifted more than 20 shell organizations and got credits through questionable means.

A designing graduate from Bengaluru, Reddy swindled United Bank of India of Rs 70 crore by "submitting manufactured or fake reports and by pantomime".

Confronting three cases under the Prevention of Money Laundering Act (PMLA), he was sent to two days` ED care by a Bengaluru court.  Read more:- Mobile Number Database Provider

The second blamed Liakath Ali - caught from Chennai - was included in bamboozling Indian Bank, Thousand Lights Branch, Chennai, utilizing eight shell organizations and dispatched $11,778,120 (Rs 78 crore) out of India, against manufactured Bill of Entries without affecting any real imports, said the authority.

Source:- Zeenews