Itanagar sub-zonal office of the Enforcement Directorate (ED) has taken important action as part of the investigation into the alleged big scam related to Input Tax Credit (ITC). The agency has temporarily attached immovable industrial property measuring about 1,195 square yards located in Khushkheda Industrial Area of Khairthal-Tijara area of Rajasthan.
According to sources, the estimated value of this property is said to be around Rs 3.30 crore. ED officials said that this step has been taken with the aim of protecting the alleged involvement in the ITC scam and possible misappropriation of assets.
ED investigation has found that several transactions have taken place related to misuse of input tax credit. The agency is now also conducting a detailed investigation into the financial transactions of the owners of this property and related parties. Authorities are also looking at how to track other assets and accounts involved in the scam.
ED says that such action is important for prevention of taxes and financial frauds in India. Once the immovable property is attached, it cannot be used for any transaction or sale until the investigation is completed.
Experts believe that strict action on incidents like ITC scam will not only curb corruption but will also ensure strict adherence to financial rules of companies and industries in the times to come.
ED has appealed to the general public and the industry to immediately inform the agency if they get information about any suspicious transaction or financial irregularity, so that the investigation can be completed effectively.
