New Delhi, Dec 24 (UNI) The Enforcement Directorate (ED), Chandigarh Zonal Office, said on Wednesday that it has attached 37 immovable properties worth Rs 17.16 crore belonging to Padam Bansal, Mahesh Bansal, and their family members, in connection with a case of large-scale VAT fraud involving the Excise & Taxation Department, Sirsa.
The ED initiated a PMLA investigation based on FIRs registered in Sirsa District by Haryana Police under various Sections of the IPC, 1860. It was alleged that various firms had claimed VAT refunds from the Excise & Taxation Department, Sirsa, using bogus C-Forms.
The ED investigation under PMLA revealed that a syndicate led by Mahesh Bansal and Padam Bansal, along with their associates, incorporated firms in the names of poor and unsuspecting persons and operated their bank accounts to carry out fraudulent transactions. These firms allegedly claimed bogus interstate sales using fake C-Forms and, in connivance with officials of the Excise & Taxation Department, Sirsa, fraudulently obtained tax refunds amounting to approximately Rs 4.41 crore. This caused a total loss of approximately Rs 43.65 crore to the government exchequer [comprising a due amount of approximately Rs 20.01 crore interest of approximately Rs 8.91 crore penalty of approximately Rs 17.34 crore, with Input Tax Credit allowed amounting to approximately Rs 7.02 crore].
The ED investigation further revealed that the said refunds were then diverted to the accounts of private firms by Padam Bansal and Mahesh Bansal and were utilised to acquire assets in their names and in the names of their family members. In connection with the case, the ED has issued a Provisional Attachment Order (PAO) amounting to approximately Rs 17.16 crore, attaching a total of 37 immovable properties belonging to Padam Bansal, Mahesh Bansal, and their family members.
Further investigation regarding these FIRs, along with FIRs registered in other districts of Haryana related to the VAT Scam, is underway to trace more Proceeds of Crime and identify the full network of beneficiaries.
ED attaches 37 properties worth Rs17.16 crore in Sirsa VAT refund fraud case
