According to sources, HDIL constructed a building in suburban Mumbai in 2015 and applied for a loan with Yes Bank in 2016 to renovate it. However, the money loaned by the bank was diverted to other group firms to repay earlier loans, the ED has alleged.
The money, given to Housing Development & Infrastructure in 2016 for a project, was allegedly diverted to repay an older loan of Yes Bank to ensure the HDIL account is not classified as a non-performing asset (NPA).
While the Supreme Court bench led by Chief Justice of India, on Wednesday, directed Rohin Modi to approach the Bombay High Court for relief, it asked the Centre to not hold the auction till February 29.
Originally, the Bill proposed that a taxpayer would be required to pay 100 per cent of amount of the disputed taxes and get complete waiver of interest and penalty provided he pays by March 31, 2020. Now, the Cabinet has passed this amendment to include two rates to quickly meet targets under the scheme.
According to sources, the ED stumbled upon these allegedly fictitious retail customers and the ultimate beneficiary companies while inspecting the book of accounts of DHFL pertaining to Rs 2,186 crore loan given to five companies.
The Sabka Vishwas (Legacy Dispute Resolution) Scheme, was a one-time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration.
So far, the DRI had issued 14 LRs to multiple foreign jurisdictions, such as Singapore, Hong Kong, Switzerland, UAE among others, seeking information in the alleged over-valuation in Indonesian coal imports.
Sources said that the agency is looking to attach a Rs 1,000-crore plant of ABG Shipyard in Gujarat, a few properties belonging to Nikhil Gandhi-promoted SKIL Infrastructure and Viren Ahuja-promoted Flemingo Geowork.