The Enforcement Directorate (ED) has filed a chargesheet against the proprietor of Ludhiana-based Jaldhara Export, and others for alleged money laundering after availing of fraudulent Value Added Tax (VAT) refunds to the tune of ₹1.56 crore from the Punjab government.
The chargesheet has been filed against the company’s proprietor Raman Kumar Garg, Vinod Kumar Garg and Umesh Kumar.
Jaldhara Export had allegedly shown fraudulent exports of readymade garments worth ₹33.36 crore to Bangladesh during 2012-13 on the basis of which it claimed VAT refunds to the tune of ₹1.56 crores from the State.
During an enquiry with the Custom authorities, it was found that the shipping bills and other documents submitted by the company were allegedly fabricated. “The stamps and seals on these bills were also found to be forged. Accordingly, an FIR was registered [against] Raman Kumar Garg, the company’s proprietor, in Ludhiana,” said an ED official.
Based on the police investigation, the ED registered a case under the Prevention of Money Laundering Act against the proprietor and the company.
“Mr. Garg and his family members were involved in said illegal activity. The ill-gotten money was transferred to different firms owned by the family members and from there, it was withdrawn in cash,” said the official.
During the probe, the ED attached two immovable properties worth ₹58.45 lakh in May last year. On December 13, the agency attached three more properties worth ₹79.84 lakh.
