Surat: Bullion trader Hasmukh Shah property worth Rs 1.12 crore seized

On Dec 18, 2020

Surat: Properties of Bullion trader Hasmukh Shah worth Rs 1.12 crore including flats and FDs was seized who had deposited Rs 36.17 crore during the demonetisation. Four years ago, the CBI had registered two FIRs in connection with the case based on an investigation by the Income Tax Department.

At the same time many cases of demonetisation that were closed so far may be reopened. During the ban, several jewelers, including Chokas Jewelers, were raided by the Income Tax Department and a report was prepared on the basis of which a complaint was lodged by the CBI. A copy of the report was also given to the Enforcement Directorate. In these cases, in addition to the current ED, income tax is also in the process of recovery.

In the case of demonetisation, the account of Messrs. Nirav & Co. in the People’s Co-operative Bank was operated by Himanshu R. Shah and Rs 36.17 crore was deposited in it. Out of which Rs 34.82 crore was immediately credited to the account of Messrs Shah Mangalam Gulabchand Choksi.

According to the ED official, bogus bills were issued for this but the goods were not actually shipped. The investigation also revealed that bank accounts were set up and operated using the documents of others.

The CBI had registered the first FIR against Maharshi Chokas at the time of the ban. The second FIR was also registered against Maharshi and Himanshu Shah. An official of the People’s Bank was also involved in the complaint.

The former DRI official said that the department also confiscated property worth more than the demand and auctioned it off. C.A. Birju Shah says that the auction requires that the property be in the name of that person and if the recovery of each department or any other agency is completed, the remaining amount which has to be returned to that person.

What properties were seized?

– Flat-shop worth Rs 94 lakh: Authorities have seized a flat of 97.85 square meters in Gyandeep Society and also a 1800 square foot shop.

– 18 lakh cash: Rs 18 lakh has also been seized from the account in Surat People’s Co-operative Bank.