Bihar: ED attached more than Rs 4 cr assets of the man who operated phantom company accounts
New Delhi, December 5 () The ED has attached assets worth more than Rs 4 million in connection with its money laundering investigation against a Bihar-based man who allegedly opened bank accounts in the name of ghost or fake companies said the agency. Thursday.
Raj Kumar Goenka was booked by the police in Bihar and the case against him is registered at the Mithanpura police station in the Muzaffarpur district.
The Execution Directorate (ED) alleged that Goenka misused KYC (Know your client) information about its employees and others to deposit and transfer illegitimate funds.
KYC is a process through which banks obtain information about the identity of their clients so that their services are not misused.
The agency said in its investigation that it discovered that Goenka had opened many bank accounts fraudulently on behalf of his family and employees. Illegal and uncounted cash was deposited in these accounts without showing any genuine source of income, the ED said.
The proceeds of crime deposited in these bank accounts have been claimed as commercial income from companies such as Kanta Sales Corporation, Pooja Trading Company, Pooja Jewelers, Manish Jewelers, etc. Although these companies have not done real business, the agency said in a statement.
No records related to the commercial operations of these firms could be produced during the investigation and when these locations were raided by ED detectives in June, nothing related to any commercial activity was found, he said.
The investigation revealed that Income Tax Returns (ITRs) that declared business income were regularly filed to cover up the crime. Even ITRs on behalf of children who go to school with PAN obtained fraudulently were filed to disguise illegal money as a commercial income, he claimed.
The proceeds of the crime generated in cash were diverted after going through several bank accounts of several phantom companies, the ED said.
The agency has issued a provisional order against Goenka under the Money Laundering Prevention Act (PMLA) that joins three houses, valued at Rs 3.13 million rupees, in Muzaffarpur, two vehicles worth of Rs 18.57 lakh, bank balances worth Rs 23.34 lakh and life insurance policies. of Rs 98.57 lakh. The total value of the attachment in the last order is Rs 4.53 crore. The probe in the case is ongoing, he said. NES NES ANB ANB