CBI arrests Former CMD of WAPCOS for Possession of Disproportionate Assets
CBI – MD of WAPCOS – Possession of Disproportionate Assets – CBI arrests Former CMD of WAPCOS – Arrests – CMD – Taxscan
CBI – MD of WAPCOS – Possession of Disproportionate Assets – CBI arrests Former CMD of WAPCOS – Arrests – CMD – Taxscan
The Central Bureau of Investigation (CBI) has arrested the former CMD, Water and Power Consultancy Services (India) Limited (WAPCOS, a Govt of India Undertaking under the Ministry of Jal Shakti) and registered cases against his family members on the allegations that the accused during the tenure from 01.04.2011 to 31.03.2019 had possessed disproportionate assets way beyond his known sources of income.
His son was also arrested in the investigation.
It was further alleged that the accused after retiring from the service had started a consultancy business in the name of a private company based in Delhi. The alleged immovable properties belonging to the accused include flats, commercial properties & farmhouses spread across Delhi, Gurugram, Panchkula, Sonipat and Chandigarh.
Searches were conducted on 02 May at 19 locations across Delhi, Gurugram, Chandigarh, Sonipat & Ghaziabad at the premises of the accused which led to the recovery of huge cash of Rs.20 crore(approx), a large quantity of jewellery, valuable items & incriminating documents.
During searches conducted till now, cash of Rs.38.38 Crore(approx), FDRs, keys of bank Lockers and details of accounts in various banks have been recovered from the premises of the accused.
Searches were conducted at multiple locations across Delhi, Gurugram, Chandigarh, Sonipat & Ghaziabad at the premises of the accused.
The investigation is still ongoing.
On a related note, The Central Board of Indirect Taxes and Customs (CBIC) has released instructions with guidelines for the all-India drive against fake Goods and Services Tax (GST) Registrations to tackle loss by bogus Input Tax Credit (ITC) Claims.
Such fake/ non-genuine registrations are being used to fraudulently pass on input tax credits to unscrupulous recipients by issuing invoices without any underlying supply of goods or services or both. This menace of fake registrations and issuance of bogus invoices for passing off fake ITC has become a serious problem, wherein fraudulent people engage in dubious and complex transactions, causing revenue loss to the government.
To Read the full text of the Order CLICK HERE
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