New Delhi: Enforcement Directorate (ED) has provisionally connected property within the type of mounted deposit value ₹ 20.26 croresof M/s. Crystal Crop Protection P. Ltd.(M/s. CCPL)below the provisions of Prevention of Money Laundering Act, 2002 (PMLA).
Investigation below PMLA was initiated by ED on the premise of FIR registered by Central Bureau of Investigation, Gandhinagar (CBI) for fee of offence below part 120 Bread with 420 of IPC and part 13(2) learn with part 13(1)(d) of the Prevention of Corruption Act, 1988 towards A.Ok. Singh, then Joint Director, DGFT, Ahmedabad, Nand Kishore Agarwal, Ankur Agarwal, Mohit Kumar Goel, Directors of M/s. Crystal Crop Protection P. Ltd., and others for committing fraud of ₹ 20.26 Crore with the federal government exchequer in connivance with the involved public servant.
M/s. CCPL purchasedduty free import authorization (DFIA) license froman exporter and used the identical for declare of refund of terminal excise obligation (TED) on native procurement of pesticides from M/s. Modern Papers, a Jammu primarily based unit. The investigation revealed that the stated DFIA license entitled them refund of the terminal excise obligation in case of native procurement.
However, since M/s. CCPL had procured items from Jammu primarily based unit,and since excise obligation was exempted on the stated items; M/s. CCPL was not entitled for cost and subsequent refund of TED. Moreover, M/s. CCPL had claimed refund of TED on such items which had been bought by them previous to issuance of the advance launch order by the DGFT.
Thus, by making fraudulent claims, M/s. CCPL obtained refund of TED to the tune of Rs. ₹ 20.26 croresfrom the DGFT, Ahmedabad. As the stated refund quantity has already been utilized by M/s. CCPL, mounted deposit to the extent of ₹20.26 crores has been provisionally connected by the ED.
