ED closes in on exporter Qureshi
29 Dec 2014 11:58 PM GMT
Quoting official sources, an agency report said the I-T department has handed over the report of its five-month long investigations against Qureshi and his businesses which the ED is now “studying.” Sources said, “The ED may soon begin a probe to check possible violations under the Foreign Exchange Management Act (FEMA) by Qureshi and his firms. IT probe indicates alleged Hawala transactions made to overseas locations. The report is being analysed and studied.”
Sources, quoting the report, said instances have been detected by tax sleuths of illegal funds being routed to Hong Kong and some European locations by using the illegal ‘Hawala’ channels which entails skipping the legal banking route to move huge amounts of money with an aim to avoid enforcement agencies.
The ED is the designated nodal central agency to probe these crimes under FEMA laws and hence the tax department and shared relevant portions of its report with the agency. The taxman, in the said appraisal report, had pegged an alleged evasion of Rs 200 crore by Qureshi and his business firms and the report is now with the assessment wing of the I-T department which is expected to soon issue demand notices to him. The appraisal report was also placed before the Supreme Court by the tax department in October this year.
The case came to light after the IT department conducted searches on Qureshi and his firms in February this year and it detected alleged “under reporting” of profits by these business units which are primarily involved in meat processing, selling and exporting businesses.
Millennium Post has constantly been bringing to its readers, Qureshi’s scam-tainted activities, beginning from the story this year in February - “Did a former CBI director collect money through scam-tainted meat seller?”
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