The Enforcement Directorate (ED) on Tuesday filed a complaint under the Prevention of Money Laundering Act, 2002 (PMLA) against Raman Kumar Garg, the proprietor of the firm M/s. Jaldhara Export in Ludhiana, and others for laundering money after availing fraudulent value-added tax (VAT) refund to the tune of Rs. 1.56 crore from the Punjab Government.
Jaldhara Export Ludhiana had shown fraudulent export of readymade garments worth Rs 33.36 crore to Bangladesh during financial year 2012-13 on the basis of which the firm claimed VAT refund to the tune of Rs 1.56 crores from the government of Punjab.
However, on the enquiry with the custom authorities, shipping bills and other documents were found to be fake and fabricated.
The stamps and seals on these bills were also found to be forged.
Accordingly, an FIR was registered at the Ludhiana Civil lines Police Station against Garg.
After an investigation, the Directorate found that Garg along with his family members were involved in the said illegal activity.
The ill-gotten money to the tune of Rs 1.56 crore was transferred to different firms owned by the family members of Garg and from there the same was withdrawn as cash.
The Directorate after investigation attached two immovable properties worth Rs 58,45,000 in May, 2016.
Later, the department further attached three more properties worth Rs 79,84,003 on December 13 this year.
Garg was arrested by the ED on October 23, 2017 and on December 21 the department filed the prosecution complaint against him, Vinod Kumar Garg and Umesh Kumar before the Special Court (PMLA) at Mohali.
Further investigation in the matter is underway.
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