Stay updated with the latest - Click here to follow us on Instagram
Journalism of Courage
This is an archive article published on January 2, 2025
Black money case: ED issues order to attach assets worth Rs 8.09 crore of two Mumbai businessmen
ED provisionally attached assets include moveable assets in the form of tax-free bonds and immoveable assets in the form of land located at Pune.
During investigation, it was found that both accused held undisclosed foreign income and assets amounting to a total of Rs 8.09 crore, which are proceeds of crime in this case. (Express File/Representative Photo)
The Enforcement Directorate’s (ED) Mumbai Zonal office on Wednesday issued provisional attachment order for assets worth Rs 8.09 crore belonging to a city-based businessmen Sidharth Abhay Chokshi and Abhay Sajanlal Chokshi under the provisions of the Prevention of Money Laundering Act (PMLA), as part of an ongoing probe in a black money case.
The provisionally attached assets include moveable assets in the form of tax-free bonds and immoveable assets in the form of land located at Pune, the ED said on Thursday.
The agency initiated a probe on the basis of prosecution complaints filed by the Income-Tax department against Sidharth and Abhay Chokshi before the additional metropolitan magistrate, Mumbai, under the provisions of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
As per the findings of the ED, both Sidharth and Abhay Chokshi were the beneficial owners of an offshore entity, Blue Mist International Inc., registered in the British Virgin Islands having a bank account at Singapore.
Proceeds of crime
Blue Mist International Inc. had entered into a sale and purchase agreement with HKCL Investments Pvt Ltd for purchase of a property in Singapore, said the central financial agency.
During investigation, it was found that both Sidharth and Abhay Chokshi held undisclosed foreign income and assets amounting to a total of Rs 8.09 crore, which are proceeds of crime (POC) in this case.
As the POCs are held outside the country, properties of equivalent value in India amounting to Rs 8.09 crore owned by the two businessmen have been provisionally attached, said the ED.
© The Indian Express Pvt Ltd
Advertisement
Loading Recommendations...
Advertisement
Live Blog
Advertisement