Lagatar24 Desk
Ranchi: The Enforcement Directorate (ED) has intensified its crackdown on the ₹800 crore GST scam by provisionally attaching assets worth ₹5.50 crore belonging to the alleged kingpin, Shiv Kumar Deora. The attached immovable properties are all located in Kolkata.
Laundering of Fraudulent Tax Credits
According to the ED’s investigation, Deora purchased these assets by laundering funds obtained through fraudulent Input Tax Credits (ITC). While the book value of the properties is ₹5.50 crore, their current market value is estimated to be over ₹10 crore. The broader investigation into the scam has so far confirmed money laundering to the tune of ₹200 crore and the payment of ₹70 crore in commissions to the syndicate members.
Modus Operandi and Previous Raids
The investigation has revealed that the scam was executed by creating a web of fake companies with dummy directors. These shell companies were used to fraudulently claim ITC. The ED’s action follows extensive raids conducted on May 8 at nine locations linked to the accused, including Amit Agarwal alias Bhalotia in Jamshedpur, Vivek Narsaria in Ranchi, and Shiv Kumar Deora and Amit Gupta in Kolkata. Documents seized during these raids were instrumental in uncovering the syndicate’s operations. The ED confirmed that the attachment of Deora’s assets was initiated after establishing their link to the proceeds of crime.
