Surat: The Directorate of Enforcement (ED) on Thursday attached movable and immovable assets to the tune of Rs 1.12 crore of a bullion trader under the Prevention of Money Laundering Act (PMLA) in connection with a case registered during demonetisation in 2016.
The ED officials in Surat started investigation under PMLA based on the FIRs registered by the CBI against bullion traders Hemanshu Shah and Maharshi Choksi, and unknown bank officers of Surat People’s Cooperative Bank.
Investigation revealed that Shah, used bank account of another bullion trading firm Nirav & Co held in Surat People’s Cooperative Bank to deposit demonetised Specified Bank Notes (SBNs) worth Rs 36 crore during the demonetisation period. Immediately after the deposits were made, an amount of Rs 34.82 crore was transferred to the account of Shah’s firm Shah Manganlal Gulabchand Choksi.
Highlights
Shah used the photo and identity proof of one Nirav Rashmikant Shah of M/s Nirav & Co and illegally utilized the bank account for depositing demonetized SBNs
He channelized the unaccounted black money into the banking system, said the ED
The Surat bullion trader further utilized an amount of Rs 2.20 crores out of the illegally routed demonetized notes
New Delhi: The Directorate of Enforcement (ED) has attached movable and immovable properties totalling to Rs 1.12 crore of Hemanshu R Shah, bullion trader of Surat under the Prevention of Money Laundering Act, 2002 (PMLA) in the demonetization case.
The attached properties comprising immovable property totally valuing of Rs 94.12 lakhs consisting of Flat admeasuring 97.85 sq mtrs carpet area in Gyandeep Co-op Housing Society located at Surat and Commercial property having Shop admeasuring 1800 sq. ft located at Surat and movable property in the form of Fixed Deposit worth Rs 18 lakhs held in Bank account of Hemanshu
Updated: Dec 18, 2020, 12:58 AM IST
The Directorate of Enforcement (ED) has attached movable and immovable properties totalling to Rs 1.12 crore of Hemanshu R Shah, bullion trader of Surat under the Prevention of Money Laundering Act, 2002 (PMLA) in the demonetization case.
The attached properties comprising immovable property totally valuing of Rs 94.12 lakhs consisting of Flat admeasuring 97.85 sq mtrs carpet area in Gyandeep Co-op Housing Society located at Surat and Commercial property having Shop admeasuring 1800 sq. ft located at Surat and movable property in the form of Fixed Deposit worth Rs 18 lakhs held in Bank account of Hemanshu R Shah’s firm namely M/s Shah M G Choksi with Surat People Coop Bank, Surat, said the ED statement.