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IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

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IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

Last updated: July 17 2020
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  • #11

    #11

    Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

    Step wise process for E Assessment of Scrutiny Notice in Income Tax and Important points for taxpayers



    Posted On: 2019-09-16142 views Share

    ​​​​​
    Step wise process for E Assessment of Scrutiny Notice in Income Tax and Important points for taxpayers


    Income Tax Department has Notified on 12 September 2019, Scheme which is called the E-assessment Scheme, 2019. Under the new scheme all the scrutiny assessment of Income Tax Returns will be done through automated allocation system with help of artificial intelligence and machine learning, which will be completely faceless e-assessment of income tax.



    Following are the Steps for E Assessment of Scrutiny Notice in Income

    1) Receiving Income Tax Notice 143(2) Scrutiny by Email by National e-Assessment Centre

    Till date communication and deliver of Notice from Income Tax was manually to the registered address or address mention in Income tax Returns. This will be first time that Notice will be delivered electronically to register email address of the assessee. Further the Assesee will also receive an alert on Register Mobile Number.

    Now from September 2019, the notice on the assessee under sub-section (2) of section 143,

    specifying the issues for selection of his case for assessment; will be send on following email address


    (a) the email address available in the electronic filing account of the addressee registered in designated portal; or

    (b) the e-mail address available in the last income-tax return furnished by the addressee; or

    (c) the e-mail address available in the Permanent Account Number database relating to the

    addressee; or

    (d) in the case of addressee being an individual who possesses the Aadhaar number, the e-mail address of addressee available in the database of Unique Identification Authority of India ;or


    (e) in the case of addressee being a company, the e-mail address of the company as available on the

    official website of Ministry of Corporate Affairs; or



    (f) any e-mail address made available by the addressee to the income-tax authority or any person

    authorised by such authority.



    Further a real time alert will be sent to the assessee, by way of SMS on his registered mobile number, or by way of update on his Mobile App, or by way of an email at his registered email address, so as to alert him regarding delivery of an electronic communication;



    Income Tax Department will soon come out with Mobile app which will be application software of the Income-tax Department developed for mobile devices which can be downloaded and installed on the registered mobile number of the assessee



    So from now onwards it is very important for all assessee to put their email address and mobile number in E filing portal of Income Tax. Click to Know How to change update Mobile number and email id in your Income Tax E filing account.



    2) Regional e-assessment Centres and National e-assessment Centre to be open

    A National e-assessment Centre to facilitate the conduct of e-assessment proceedings in a centralised manner, which shall be vested with the jurisdiction to make assessment. Regional e-assessment Centres as it may deem necessary to facilitate the conduct of e-assessment proceedings in the cadre controlling region of a Principal Chief Commissioner. This centres will use algorithm for randomised allocation of cases, by using suitable technological tools, including artificial intelligence and machine learning to select notices for scrutiny. National e-assessment Centre shall assign the case selected for the purposes of e-assessment under this Scheme to a specific assessment unit in any one Regional e-assessment Centre through an automated allocation system;



    3) Four Different Units named assessment units, verification units, technical units, review units, to be formed to conduct assessment



    a) Assessment Unit:

    To facilitate the conduct of e-assessment, to perform the function of making assessment, which includes identification of points or issues material for the determination of any liability (including refund) under the Act, seeking information or clarification on points or issues so identified, analysis of the material furnished by the assessee

    b) Verification units,

    To facilitate the conduct of e-assessment, to perform the function of verification, which includes enquiry, cross verification, examination of books of accounts, examination of witnesses and recording of statements, and such other functions as may be required for the purposes of verification.



    c) Technical units

    To facilitate the conduct of e-assessment, to perform the function of providing technical assistance which includes any assistance or advice on legal, accounting, forensic, information technology, valuation, transfer pricing, data analytics, management or any other technical matter



    d) Review units

    To perform the function of review of the draft assessment order, which includes checking whether the relevant and material evidence has been brought on record, whether the relevant points of fact and law have been duly incorporated in the draft order, whether the issues on which addition or disallowance should be made have been discussed in the draft order, whether the applicable judicial decisions have been considered and dealt with in the draft order, checking for arithmetical correctness of modifications proposed, if any, and such other functions as may be required for the purposes of review,


    All communication among the assessment unit, review unit, verification unit or technical unit or with the assesse or any other person with respect to the information or documents or evidence or any other details, as may be necessary for the purposes of making an assessment under this Scheme shall be through the National e-assessment Centre.



    4) How All Units will help in Assessment and process till Order is Final

    Where a case is assigned to the assessment unit, it may make a request to the National e-assessment Centre for (a) obtaining such further information, documents or evidence from the assesse or any other person, as it may specify; (b) conducting of certain enquiry or verification by verification unit; and (c) seeking technical assistance from the technical unit;


    Where a request for obtaining further information, documents or evidence from the assessee or any other person has been made by the assessment unit, the National e-assessment Centre shall issue appropriate notice or requisition to the assessee or any other person for obtaining the information, documents or evidence requisitioned by the assessment unit; Where a request for conducting of certain enquiry or verification by the verification unit has been made by the assessment unit, the request shall be assigned by the National e-assessment Centre to a verification unit through an automated allocation system;


    Where a request for seeking technical assistance from the technical unit has been made by the assessment unit, the request shall be assigned by the National e-assessment Centre to a technical unit in any one Regional eassessment Centres through an automated allocation system; The assessment unit shall, after taking into account all the relevant material available on the record, make in writing, a draft assessment order either accepting the returned income of the assessee or modifying thereturned income of the assesse, as the case may be, and send a copy of such order to the National eassessment Centre;


    The assessment unit shall, while making draft assessment order, provide details of the penalty proceedings to be initiated therein, if any; The National e-assessment Centre shall examine the draft assessment order in accordance with the risk management strategy specified by the Board, including by way of an automated examination tool, whereupon it may decide to – (a) finalise the assessment as per the draft assessment order and serve a copy of such order and notice for initiating penalty proceedings, if any, to the assessee, alongwith the demand notice, specifying the sum payable by, or refund of any amount due to, the assessee on the basis of such assessment; or (b) provide an opportunity to the assessee, in case a modification is proposed, by serving a notice calling upon him to show cause as to why the assessment should not be completed as per the draft assessment order; or (c) assign the draft assessment order to a review unit in any one Regional e-assessment Centre, through an automated allocation system, for conducting review of such order; The assessment unit shall, after taking into account the response furnished by the assessee, make a revised draft assessment order and send it to the National e-assessment Centre;


    5) Hearing through Video Conference or electronic mode only


    A person shall not be required to appear either personally or through authorised representative in connection with any proceedings under this Scheme before the income-tax authority at the National e-assessment Centre or Regional e-assessment Centre or any unit set up under this Scheme.
    An opportunity is provided to the assessee by serving a notice calling upon him to show-cause as to why the assessment should not be completed as per the such draft assessment order, the assessee or his authorised representative, as the case may be, shall be entitled to seek personal hearing so as to make his oral submissions or present his case before the income-tax authority in any unit under this Scheme, and such hearing shall be conducted exclusively through video conferencing, including use of any telecommunication application software which supports video telephony. The Board shall establish suitable facilities for video conferencing including telecommunication application software which supports video telephony at such locations as may be necessary,

    5) Transfer to AO

    The National e-assessment Centre shall, after completion of assessment, transfer all the electronic records of the case to the Assessing Officer having jurisdiction over such case

    (a) Imposition of penalty;

    (b) Collection and recovery of demand;

    (c) Rectification of mistake;

    (d) Giving effect to appellate orders;

    (e) Submission of remand report, or any other report to be furnished, or any representation to be made, or any record to be produced before the Commissioner (Appeals), Appellate Tribunal or Courts, as the case may be;

    (f) Proposal seeking sanction for launch of prosecution and filing of complaint before the Court;


    The National e-assessment Centre may at any stage of the assessment, if considered necessary, transfer the case to the Assessing Officer having jurisdiction over such case.


    6) Penalty proceedings for non-compliance

    The National e-assessment Centre shall, on receipt of such recommendation, serve a notice on the assessee or any other person, as the case may be, calling upon him to show cause as to why penalty should not be imposed on him under the relevant provisions of the Act. The National e-assessment Centre shall levy the penalty as per the said draft order of penalty and serve a copy of the same on the assessee or any other person, as the case may be.


    7) Delivery of electronic record (New Way to Deliver Notice from Manual to Electronic)

    (1) Every notice or order or any other electronic communication under this Scheme shall be delivered to the addressee, being the assessee, by way of-

    (a) placing an authenticated copy thereof in the assessee's registered account; or

    (b) sending an authenticated copy thereof to the registered email address of the assessee or his authorised

    representative; or

    (c) uploading an authenticated copy on the assessee’s Mobile App; and followed by a real time alert.

    (2) Every notice or order or any other electronic communication under this Scheme shall be delivered to the addressee, being any other person, by sending an authenticated copy thereof to the registered email address of such person, followed by a real time alert.

    (3) The Assessee shall file his response to any notice or order or any other electronic communication, under this Scheme, through his registered account, and once an acknowledgement is sent by the National e-assessment Centre containing the hash result generated upon successful submission of response, the response shall be deemed to be authenticated.

    (4) The time and place of dispatch and receipt of electronic record shall be determined in accordance with the provisions of section 13 of the Information Technology Act, 2000 (21 of 2000).

    8) Conclusion and challenges

    It is now mandatory for the taxman to make all communication with you online. Tax notices will be issued by a centralised e-assessment centre requiring taxpayers to reply only through digital mode. Through mobile app, real time alerts would be sent to assessees updating about progress in the case.

    This new scheme of assessment will represent a paradigm shift in the functioning of the income tax department, reduce chances of corruption to significant extent.

    Moving to digital from the decades-old system of manual scrutiny, the tax department would use data analytics, artificial intelligence, machine learning and other latest tools to ascertain misreporting or tax evasion. However, the digital capabilities may pose significant implementation challenges in India considering majority of population is not tech savy. Further coming out with Mobile Application would require smart phone with all the assesee which is not practically possible. It would be interesting to know if senior citizen would be exempt as it would be difficult for them to use technology for income tax scrutiny. Only time will say how successful the new scheme will be.

    https://www.expertmile.com/articles/3217

    https://www.expertmile.com/articles/...less-Scrutiny.
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    Last edited September 16 2019, 02:23 PM.

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    • #12

      #12

      Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

      I-T Dept unearths several cash transactions in searches at Oberoi Realty; Bollywood connection probed

      MoneyControl • Sep 19, 2019 03:34 PM IST

      The Income-Tax Department has unearthed several instances of cash transactions undertaken by Oberoi Realty during a search last month. Documents uncovered during the probe threw up names of Bollywood actors who were involved in cash dealings with the company....

      The department found quite a few instances where a component of the flat price was accepted in cash more than is allowed, sources said. Current laws allow cash transactions no higher than Rs 2 lakh.

      When contacted for a response, Oberoi Realty accepted that the Income Tax Department had conducted a search of its premises, under section 132 of the Income Tax Act, 1961, but added that no irregularities had been found during the search operation. "There have been no claims made against the company nor have there been any disclosures," it said.

      Related News

      The company also dismissed the information that it had undertaken illegal cash transactions, and said such information was "totally false and malicious".

      "We wish to emphatically state that we have absolutely no cash dealings with any of our clients irrespective of what profession they come from. At Oberoi Realty, we lay great emphasis on ethical practices, fulfilment of all regulatory compliances and observe corporate governance diligently," the company said in a statement to Moneycontrol.

      The company further said: "We request you to not publish this baseless story with the above-mentioned false information as the same will cause grievous and unrepairable damage to our hard earned reputation. Having categorically stated the facts in this case, we reserve our right to protect our interests."

      Moneycontrol stands by the information it has learned.

      This is the second time when the income tax investigation department is investigating Oberoi Realty.

      The most recent search took place on August 20 when the department had carried out searches at two dozen premises of Oberoi Realty and their vendors, including Capacite Infra. It was one of the biggest searches by its Mumbai cell, spread over seven days.

      Oberoi Realty, which deals in the premium housing segment, has around 10 projects underway in Mumbai itself, especially in the western suburbs.​

      The company is also under the scanner of the Ministry of Corporate Affairs (MCA), which is probing its books of accounts over utilisation of proceeds from its initial public offer (IPO).


      https://www.moneycontrol.com/news/bu...mpression=true

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      • #13

        #13

        Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.


        Mumbai: Rs 60 crore jewellery and private aircraft seized from HDIL bosses


        MUMBAI: The Enforcement Directorate (ED) on Saturday attached a private aircraft of Sarang, aka Sunny, Wadhawan of HDIL along with
        jewellery worth Rs 60 crore, including a diamond ring valued at Rs 15 crore, in the money-laundering case it is probing against him and others in the Punjab and Maharashtra Cooperative (PMC) Bank fraud
        .
        The nine-seater Bombardier Challenger-300 aircraft is registered in the name of Privilege Airways Private Ltd, a company in which Sunny and his father Rakesh Wadhawan are directors. ED officials learnt through an informant that the Wadhawans had a private aircraft and asked the airport authorities to help them trace it.

        To avoid jewellery from being attached, the Wadhawans had shifted it to a close relative of Sunny's wife Anu. On learning about this, ED officials convinced the relative to surrender the ornaments to avoid legal trouble. Officials said they will ascertain its price with the help of a valuer. Sunny and Anu were the toast of B-Town, known for their lavish parties, and were frequently featured as a glam couple in celebrity magazines.

        The officials also learnt that Sunny owns a yacht that has been docked in the Maldives and have initiated the process for its seizure. The ED also found a licensed pistol that the family had not submitted to the police even though it is mandatory to do so during the election code of conduct.

        Earlier, the ED had attached 10 luxury cars of the Wadhawans that included two Rolls-Royce, two Land Rover, one Bentley and a Mercedes.

        Both Sunny and Rakesh, who are believed to be close to several politicians, are in the custody of the economic offences wing of the Mumbai police. The Wadhawans' real estate had witnessed a boom during the Congress-NCP regime.

        On Friday, ED raided five HDIL premises in the city including the group's office in Bandra (east) and the Wadhawans' homes. Officials found that the Wadhawans had gifted a couple of commercial premises around Bandra to a few politicians, including a former minister from the western suburbs.

        https://m.timesofindia.com/city/mumb...mpression=true

        PMC scam: HDIL owner Rakesh Wadhawan linked to Ghaziabad real estate fraud case


        HDIL owner Rakesh Wadhawan, who has been arrested by the Mumbai Police in the PMC Bank fraud case, is also linked to an alleged cheating case involving real estate firm Rudra Buildwell.

        The case relates to a complaint by 50 flat buyers who alleged that they booked flats in a real estate project in Ghaziabad's Indirapuram in 2011 but it did not take off.
        Wadhawan, the owner of Housing Development Infrastructure Limited (HDIL) was named in the charge sheet by the Delhi Police, however, he is named in the charge sheet in column 12 i.e., accused persons not charge-sheeted.

        The charge-sheet also named cricketer-turned-politician Gautam Gambhir, Mukesh Khurana, Babita Khurana and others.

        In the supplementary charge-sheet, it has been alleged that there has been no significant infrastructural or other development whatsoever on the plot of land and that the developer did not even get any approval from the competent authorities. It is also alleged that the complaints of the complainant/victims are no longer being entertained. It is also alleged that the land itself was not without encumbrances.

        It was further alleged that "the developers executed Builder Buyer Agreement with the victims in June-July, 2014 even after the expiry of sanctioned building plan on June 6, 2013. Developers have been demanding and collecting money from the victims unauthorisedly even after June 23, 2013."

        Earlier this month, the Economic Offences Wing (EOW) of the Mumbai police arrested Wadhawan and his son Sarang Wadhawan in connection with the Punjab and Maharashtra Cooperative (PMC) Bank scam.

        The Enforcement Directorate (ED) too filed a money laundering case in the Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank fraud.

        The sleuths of the federal financial investigation agency also carried out raids at six locations in Mumbai. The Wadhawans and HDIL MD Joy Thomas have been named in the case filed by the ED.

        https://mumbaimirror.indiatimes.com/...mpression=true


        Court extends custody of 3 accused in PMC case

        Bidya Sapam
        • Mumbai Police's EOW, which had arrested the trio, produced them before the court as their custody ended on Wednesday
        • Besides the trio, police have also arrested Joy Thomas, former managing director of the PMC Bank, who will be in police custody till 17 Oct
        PMC bank depositors protest outside Killa Court, in Mumbai (Photo: PTI)
        Mumbai: Police custody of Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh and Sarang Wadhawan as well as Punjab and Maharashtra Co-operative (PMC) Bank Ltd’s former chairman Waryam Singh have been extended till 14 October.

        A special court of Mumbai Police’s economic offences wing (EOW) extended custody of all three for further investigation. EOW officer and senior inspector Kishor Parab told the court that the police have discovered “falsification of many documents during the course of interrogation of the accused". PMC bank depositors protest outside Killa Court, in Mumbai (Photo: PTI)
        EOW arrested all three last week for their alleged involvement in a ₹4,355-crore fraud at PMC Bank. The Wadhawans were arrested on 3 October and Singh two days later.

        Former managing director of PMC Bank Joy Thomas is also in EOW’s custody till 17 October.

        Whenever questioning throws up new information, the accused are brought face to face, Parab told the court, requesting more time to continue with the exercise. Defence lawyers did not challenge the petition for an extended custody.

        While the accused were presented in court, hundreds of angry PMC Bank depositors protested outside, some of whom threw water bottles at a defence lawyer’s vehicle.

        This is the second time the court has extended custody of the Wadhawans on a request by the EOW. Given the size of the scam, a detailed investigation is required, EOW had told the court earlier, while seeking remand for the Wadhawans. The agency had said that 70% of PMC Bank’s loans went to HDIL through around 21,000 fictitious accounts in an attempt to “camouflage the unaccounted loans". A PMC bank depositor breaks down during a protest outside Killa Court, in Mumbai (Photo: PTI)
        Amit Desai, who represented the HDIL promoters, had said that 49 land parcels belonging to the real estate firm are with the bank. In addition, fixed deposits worth ₹158 crore are also available to the bank, he added.

        The arrest of the two promoters comes on the back of their alleged involvement in financial irregularities at PMC Bank, which prompted the Reserve Bank of India (RBI) to impose regulatory restrictions on the lender for six months. It imposed the restrictions due to concerns over large sums of loans being given to HDIL.

        On 30 September, EOW filed a first information report (FIR) against HDIL and PMC Bank officials, including Thomas. The FIR alleged possible fraud and wrongful loss of ₹4,355 crore and charges of cheating against HDIL.

        EOW has seized properties worth ₹4000 crore in the PMC Bank scam so far.

        The scam surfaced when PMC’s Thomas wrote to RBI that the bank’s exposure to bankrupt HDIL is over ₹6,500 crore—four times the regulatory cap, or 73% of its entire assets of ₹8,880 crore.


        https://www.livemint.com/news/india/...mpression=true

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        Last edited October 11 2019, 06:40 AM.

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        • #14

          #14

          Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

          ED traces HDIL, Wadhawans’ 2,100-acre land in Vasai-Palghar

          TNN
          MUMBAI: The Enforcement Directorate (ED) has traced around 2,100 acres of land controlled by HDIL and its promoter Rakesh Wadhawan and son Sarang aka Sunny. These land parcels are located in seven different villages in Vasai-Palghar belt.

          The land, believed to be worth an estimated Rs 3,500 crore, will be attached by the ED. The Wadhawans, it is learnt, purchased these land parcels years ago to develop townships in the Vasai-Palghar belt, but work was never started. The vacant plots are free of encroachments.

          ED officials are examining the documents to ascertain if these lands were purchased on individual name of Wadhawans or HDIL. The Wadhawans, along with their company, allegedly obtained loans from Punjab and Maharashtra Cooperative (PMC) Bank fraudulently. HDIL is facing bankruptcy proceedings. Its group companies took Rs 1,306 crore in loans from PMC Bank in violation of RBI norms. As of March 31, the outstanding loan amount against Rakesh Wadhwan was Rs 1,903 crore and Sunny Rs 129 crore.

          Sources said of the 2,100-acre land sprawl identified by the ED official on Friday, the HDIL and its promoters had mortgaged around 600 acres to PMC Bank. They have also mortgaged another 400 acres with other banks. It is learnt that an around Rs 800 crore loan was taken against these 1,000-acre land parcels from PMC and other banks. There was no any confirmation on the loan amount and ED official refused to comment on it.

          The remaining 1,100 acres land parcels are free of any loan, said sources. The ED is collecting documents related to these land parcels.

          Sources said these properties are separate than those earlier attached by the Economic Offences Wing (EOW) of Mumbai police.

          They said after the ED registered a money laundering case against HDIL and its promoters, they received several inputs about Wadhawans’ properties in the city and various other locations. ED officials are collecting details of these properties for attachment.

          Recently, the EOW had arrested Rakesh Wadhawan and Sunny in the PMC Bank fraud case. After their arrest, the ED registered a money laundering case against HDIL, the Wadhawans, PMC Bank officials and others. The agency is focusing on tracing the money trial and attaching or seizing the real estate properties of the accused persons.

          On Thursday, the ED attached Wadhwan’s bungalow in Vasai spread over 5 acres and worth over Rs 70 crore. They also traced their 2.5-acre bungalow in Alibaug and are in the process of attaching it. They have already seized jewellery worth Rs 60 crore belonging to the Wadhawans, along with 13 luxury vehicles. The ED is inquiring about the properties that HDIL and its promoters had gifted to various people, including politicians, too.


          https://m.timesofindia.com/city/mumb...mpression=true



          ED attaches Wadhavans' properties worth Rs 3,000 crore; assets seized over 80% of PMC Bank loans

          MoneyControl • Oct 11, 2019 10:31 PM IST

          The Enforcement Directorate (ED) today provisionally attached properties worth Rs 3,000 crore belonging to Rakesh and Sarang Wadhavan, promoters of bankrupt real estate firm HDIL.

          The duo, along with their company HDIL, has been named as an accused in a money-laundering case the ED registered after the PMC Bank crisis came to light, in which it emerged that the realtor owed the bank Rs 4,355 crore.

          PMC Bank gave the loans in excess of what the law allows and failed to make regulatory disclosures.

          Related News

          Moneycontrol has learnt that properties the ED attached today include about 2,100 acres of land located in Vasai, Virar and Palghar. However, about 1,000 acres of the land attached today are encumbered, including 600 acres to PMC Bank and another 400 acre to another bank.

          "The land is estimated to be worth up to Rs 3,000 crore. The price of the land is about Rs 1-1.5 crores per acres," a senior ED official said.

          The ED's action, which is based on the investigation of the Mumbai Police's Economic Offences Wing (EoW), comes soon after it also initiated provisional attachment of the Wadhawans’ 22-room beachside Alibaug bungalow that stands on a 2.5-acre property, two private jets -- a Falcon 200 and a Bombardier Challenger -- and jewellery worth Rs 60 crore.

          The agency had also frozen five bank accounts of Waryam Singh, the former chairperson of the PMC Bank, who was named in the first information reports (FIRs) of the ED and EoW.

          So far, the value of the assets attached total up to Rs 3,500 crore, or more than 80 percent of the money it owes PMC Bank, even as, a source said, the ED is confident of exceeding the total amount owed.

          The ED suspects that a significant part of the unpaid loans was diverted for unspecified purposes, including the acquisition of assets, and otherwise misappropriated, sources said.

          “Funds from the unpaid loans that were diverted into the acquisition of assets, whether movable or immovable, are proceeds of crime and efforts are on to trace and attach them,” the source said.

          The ED has also begun tracing overseas assets owned by HDIL Group since 2008.


          https://www.moneycontrol.com/news/bu...mpression=true
          Last edited October 13 2019, 02:36 AM.

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          • #15

            #15

            Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

            Hjjhh
            Last edited October 13 2019, 03:39 AM.

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            • #16

              #16

              Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

              ED has identified benami properties of Iqbal

              Mirchee (10 properties in Mumbai, 1 property in UAE & 25 Properties in UK). ED will start the process to attach the properties in India & Letters Rogatory will be sent to UK and UAE to attach the properties.


              ED Arrests Two Linked to Dawood Ibrahim's Aide Iqbal Mirchi in Real Estate PMLA Case

              The ED had filed a criminal case of money laundering against Haroun Aleem Yusuf and Ranjeet Singh Bindra on the basis of an FIR registered by Mumbai police against Mirchi and others.

              Updated on: October 11, 2019, 9:48 PM IST File photo of Enforcement Directorate


              Mumbai: The Enforcement Directorate on Friday arrested two people in connection with its money laundering probe against late Iqbal Mirchi — the right hand man of fugitive Pakistan-based don Dawood Ibrahim, officials said.

              They said Haroun Aleem Yusuf and Ranjeet Singh Bindra were placed under arrest here under the Prevention of Money Laundering Act for alleged non-cooperation in investigation of the case. The ED had filed a criminal case of money laundering against Yusuf and Bindra on the basis of an FIR registered by Mumbai police against Mirchi and others. Advertisement
              Mirchi died in 2013 in London.

              The probe pertains to Mirchi purchasing three properties belonging to Sir Mohammad Yusuf Trust in September 1986 for an amount of Rs 6.5 lakh through his company Rockside Enterprise, agency sources said.

              These properties — Sea View, Marium Lodge and Rabia Mansion — measuring 1,537 sq metre are located in Worli area of Mumbai.

              The ED is probing money laundering by associates of Mirchi, and Yusuf and Bindra are alleged to have helped in changing the ownership of these properties for usurping them.

              The agency alleged that Yusuf played "very crucial role" in the above illegal dealings of Mirchi.

              It also charged that Bindra negotiated with Mirchi on behalf of Sunblink Real Estate Pvt. Ltd. and finalized the property deal and got brokerage of Rs 30 crore through market operators. It said Bindra played a "crucial role" in the deal of these three properties.


              https://www.news18.com/amp/news/indi...mpression=true

              Two held for helping sell gangster Iqbal Mirchi’s properties


              The Enforcement Directorate (ED) on Friday arrested two men, the former chairman of a trust and a real-estate broker, for their alleged roles in assisting in the sale of three Worli-based residential properties belonging to the late gangster Iqbal Mirchi.

              The purchase of the three assets by Mirchi, who died in London in 2013, were allegedly made from “proceeds of crime”, according to ED. The three buildings – Sea View, Marium Lodge and Rabia Mansion – were sold to a firm for Rs 225 crore in 2010, out of which Mirchi allegedly received the majority share.
              The ED suspects that Mirchi allegedly bought a five-star hotel in Dubai from the proceeds of the sale of the three Worli assets, sources said. The arrests were made as part of the agency’s recently initiated money-laundering probe based on a group of eight cases registered by the city police against Mirchi between 1984 and 1999. The three buildings were allegedly bought from Sir Mohammed Yusuf Trust in September 1986 for an amount of Rs 6.5 lakh through his firm, Rockside Enterprises.

              The arrested accused Haroun Yusuf, the then chairman of the trust, and the real-estate broker Ranjeet singh Bindra, were accused by ED of “playing an active role in laundering the proceeds of crime and hiding the criminal origins of the property”, said an ED source. He said: “The three properties under the scanner appear to be proceeds of crime and derived directly or indirectly from the criminal activity related to the scheduled offences covered under PMLA,” the source said.

              According to ED, Yusuf, a British national since 2004, alleged played a crucial role in Mirchi’s illegal activities. “He was the chairman of Sir Mohd Yusuf Trust during the time the assets’ sale was transacted,” said the source. According to the source, ED’s searches yielded records that allegedly showed that the trust had already received the “complete payments for the deal related to the three Worli-based assets and yet the said fact was always misrepresented by the Trust in various legal forums/ courts.”

              The source said, “On the basis of the alleged misrepresentation, the Trust was able to restore the properties in its name after attachment under the SAFEMA. They said action of the Trust favoured Mirchi as it did not disclose the fact about the receipt of the complete payment from Mirchi in various courts.”

              The second arrested accused, Bindra, had allegedly brokered the sale of the three assets and had received around “Rs 40-50 crore as his brokerage.
              As part of the 2010 deal, the purchaser firm that received all the tenancy rights for the three buildings allegedly paid Rs 225 crore. As per the agreement, another realty firm that had earlier entered into an aborted deal to purchase the assets was to get Rs 50 crore, Rs 4.25 crore went to the Trust while a man who allegedly represented Mirchi got Rs 170.75 crore. According to ED’s probe, Rs 127 crore was allegedly paid to Mirchi’s representative by November 21, 2010. “However, as per record, a payment of only Rs 60 crore approximately has only been made to Humayun [a confident with power of attorney. The rest appears to have been paid through hawala channels,” according to probe documents submitted to a city court.

              “The arrested persons did not cooperate with the probe and failed to provide the facts during the course of recording of their statements,” the source said. Further the statement of a witness allegedly revealed that a payment of dirham 90 million was made through hawala channels in the United Arab Emirates in cash for the purchase of a five-star hotel in Dubai in 2010,” said to the source.

              The UK had earlier denied India’s extradition request for Mirchi. Scotland Yard’s probe into Mirchi had in 1999 found no evidence of criminal activity and in 2001 the UK Home Office had granted Mirchi indefinite leave to remain in the UK.

              https://mumbaimirror.indiatimes.com/...mpression=true


              Iqbal Mirchi property 15-story building in Worli, named ‘Ceejay House’ was constructed as a JV between Mirchi and M/S Millenium Developers Pvt Ltd in 2006-07.Praful patel and wife Varsha own Millennium Developers

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              • #17

                #17

                Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                ED seized / frozen and identified movable and immovable assets worth more than ₹ 3830 crores owned by M/s Housing Development and Infrastructure Limited (HDIL), its Directors / Promoters, PMC Bank officials and others related entities in the PMC Bank fraud case.- Mumbai Today

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                • #18

                  #18

                  Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                  HDIL promoters write to agencies to sell their assets and make the payments to PMC Bank.


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                  PMC Bank Scam: Desperate HDIL Tells ED To Liquidate Assets For Payment

                  As the Supreme Court on Wednesday agreed to hear a PIL on the PMC scam on an urgent basis, the HDIL promoters have written to agencies to sell their assets

                  Navashree Nandini October 16, 2019 21:12 IST General News

                  As the Supreme Court on Wednesday agreed to hear a PIL on the PMC scam on an urgent basis, the HDIL promoters have written to agencies to sell their assets and make the payments to the PMC Bank. The PMC promoters Rakesh and Sarang Wadhawan through their letter dated October 16 has requested the agencies to sell off their attached assets at the fair market value, monetise it and start the process of repaying loans to PMC Bank. The promoters have written to ED, EOW, ministry of Finance, Reserve bank of India, Governor, Deputy Governor. According to HDIL, they have securitised enough assets to the PMC banks as compared to the loan taken.

                  READ: PMC bank crisis: Another Mumbai man passes away to heart attack What is in the letter by HDIL

                  In their letter to the agencies, the promoters said, “We state that, whilst denying the allegations raised in FIR no. 86/ 2019 and the allegations of money laundering and solely with the purpose to work towards the resolution of the matter in the interest of depositors. They said that they had communicated the above to the agencies on September 30 as well as October 1 letters as well. They continued: "We request you to immediately take steps to sell the assets at the fair market value. They added, “We urge the Enforcement Directorate and Economic Offence Wing to take timely action by disposing off the assets to get the fair market value for the same. We further give our unconditional consent for the appropriation of the money received from the sale of these assets to be adjusted and appropriated towards the principal loan amount procured by us and the respective companies. It is in the larger public interest that the assets are disposed off so as to mitigate the present situation. The promoters extended "full co-operation and assistance" in order to implement the process of monetization of assets and repaying of PMC loans.

                  READ: PMC Bank scam: SC agrees to hear PIL seeking protection for victims The promoters have written to monetise the below assets:

                  1. FerrttiYacht 881 hardtop owned by Sapphire Land Development Pvt. Ltd. (Purchased for Euro 52,95,000)
                  2. Falcon 2000 Aircraft owned by Privilege Airways Ltd.
                  3. Audi AG Imported (MH-04-DJ-4090) owned by Sarang Wadhawan
                  4. Rolls Royce Phantom (MH-43-Q-0001) owned by Rakesh Wadhawan
                  5. Bentley Continental (CH-01-AR-5500) owned by Rakesh Wadhawan
                  6. BMW 730 LD (MH-48-F-5) owned by Rakesh Wadhawan
                  7. Toyota Fortuner (MH-06-AZ-5337) owned by Rakesh Wadhawan
                  8. Mahindra Bolero (MH-04-DR-658) owned by Rakesh Wadhawan
                  9. Ambassador (MRH 5171) owned by Rakesh Wadhawan
                  10. Range Rover (MH-04EK-2100) owned by Sapphire Land Development Pvt. Ltd.
                  11. Range Rover (MH-11-BV-0055) owned by privilege Industries Ltd.
                  12. Toyota Innova (KA 04 MH 2696)
                  13. Toyota Fortuner (MH 06 AZ 5337)
                  14. Mahindra Bolero (MH 04 DR 658)
                  15. Audi Car (MH 04 DJ 4000)
                  16. 2 Electric Cars
                  17. 3 Quad Bikes (ATV)
                  18. speed boat (Dolphin super deluxe 31HT, 7 seater)
                  https://www.republicworld.com/india-...r-payment.html

                  Comment

                  • #19

                    #19

                    Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                    Wadhwan bhai is getting rid of assets that depreciate quickly especially in custody..

                    cars, aircraft, boats..

                    Originally posted by yogeshraja View Post
                    HDIL promoters write to agencies to sell their assets and make the payments to PMC Bank.[*]FerrttiYacht 881 hardtop owned by Sapphire Land Development Pvt. Ltd. (Purchased for Euro 52,95,000)[*]Falcon 2000 Aircraft owned by Privilege Airways Ltd.[*]Audi AG Imported (MH-04-DJ-4090) owned by Sarang Wadhawan[*]Rolls Royce Phantom (MH-43-Q-0001) owned by Rakesh Wadhawan[*]Bentley Continental (CH-01-AR-5500) owned by Rakesh Wadhawan[*]BMW 730 LD (MH-48-F-5) owned by Rakesh Wadhawan[*]Toyota Fortuner (MH-06-AZ-5337) owned by Rakesh Wadhawan[*]Mahindra Bolero (MH-04-DR-658) owned by Rakesh Wadhawan[*]Ambassador (MRH 5171) owned by Rakesh Wadhawan[*]Range Rover (MH-04EK-2100) owned by Sapphire Land Development Pvt. Ltd.[*]Range Rover (MH-11-BV-0055) owned by privilege Industries Ltd.[*]Toyota Innova (KA 04 MH 2696)[*]Toyota Fortuner (MH 06 AZ 5337)[*]Mahindra Bolero (MH 04 DR 658)[*]Audi Car (MH 04 DJ 4000)[*]2 Electric Cars[*]3 Quad Bikes (ATV)[*]speed boat (Dolphin super deluxe 31HT, 7 seater)[/LIST]https://www.republicworld.com/india-...r-payment.html

                    Comment

                    • #20

                      #20

                      Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                      ED searching DHFL and Dheeraj Realty offices in Mumbai in connection to Iqbal Mirchi

                      MoneyControl • Oct 19, 2019 12:53 PM IST

                      The Enforcement Directorate (ED) is conducting searches at the offices of DHFL and Dheeraj Realty in Mumbai in regards to their alleged dealings with Iqbal Mirchi.

                      The ED is conducting searches at the DHFL office in connection to loans given to Sunblink Developers, which bought three properties from Iqbal Mirchi worth of Rs 225 crore in 2010.

                      Sunblink is a firm of Dheeraj Realty, whose promoter is the brother of DHFL promoter Kapil Wadhawan. Sunblink received loans worth Rs 2,186 crore for these properties, which is yet to repay in full to DHFL.

                      Related News

                      "Some of the amounts were paid in dummy bank accounts in Chennai and a part of payment happened in Dubai as well which is under investigation," and ED document read.

                      Sunny Bhatija, Director of Sunblink Developers in his statement admitted that all negotiations with Iqbal Mirchi and his friend Hamayun Merchant were conducted by Ranjit Singh Bindra who is in ED custody.

                      Bindra had charged Rs 30 crore to broker the deal. He is also a relative of Dheeraj Realty promoters the Wadhawans.

                      The ED on October 18 conducted a 12-hour interrogation with former Maharashtra MP Praful Patel. The Directorate questioned Patel about financial transactions with Iqbal Mirchi's family and his meeting with Iqbal Mirchi in London.

                      The Directorate learned about a few phone calls made by Patel to Iqbal Mirchi through common friend who is also under probe. Patel might be called for the next round of questioning next week.


                      https://www.moneycontrol.com/news/bu...mpression=true

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