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ED detects irregularities in biz ops by Gangula firms
BC Welfare and Civil Supplies Minister Gangula Kamalakar (File/Photo)
- Multiple ‘benami’ bank accounts with different names unearthed
- Raids conducted on Swetha Granites, Swetha Agencies, Sri Venkateshwara Granites Pvt Ltd, PSR Granites Pvt Ltd, Arvind Granites, Giriraj Shipping Agencies Pvt Ltd and their related entities in Karimnagar & Hyderabad on Wednesday & Thursday
Hyderabad: The Enforcement Directorate (ED) which conducted searches at offices and residential premise of the granite companies owned by State BC Welfare Minister Gangula Kamalakar and TRS MP V Ravichandra and others, has found irregularities in their business operations.
The ED unearthed multiple 'benami' bank accounts with different names and launched an inquiry to find FEMA violations, if any. It conducted raids on Swetha Granites, Swetha Agencies, Sri Venkateshwara Granites Pvt Ltd, PSR Granites Pvt Ltd, Arvind Granites, Giriraj Shipping Agencies Pvt Ltd and their related entities in Karimnagar and Hyderabad on Wednesday and Thursday.
Sources said the ED search teams found and seized unaccounted cash of Rs. 1.08 crore, allegedly received in hawala against exports. They also seized voluminous granite dispatch data of 10 years from the quarries. The companies were exporting rough granites blocks to China, Hong Kong SAR, China and other countries.
During the course of enquiries, it was found that the exported quantity was more than that on which royalty was paid.There was under-reporting of quantity while exporting.
In many instances, the export proceeds are not realised in the declared bank accounts, thereby, indicating that the export proceeds are received through other than banking channels, the ED officials said.
The ED also found multiple 'benami' bank accounts in the name of employees of granite exporters, in which cash received against illegal exports was being deposited. The ED investigation on illegal granite mining and FEMA violations has been initiated on the basis of report of report of the State Vigilance & Enforcement department wherein large scale evasion of seigniorage fee on granite blocks transported from the quarry lease areas of Karimnagar district to the sea ports by the railways was detected and demands for the evaded royalty were raised but not paid by exporters. Further investigation is on, an ED release said.
Fee on granite blocks transported from the quarry lease areas of Karimnagar district to the sea ports by the railways was detected and demands for the evaded royalty were raised but not paid by exporters. Further investigation is on, an ED release said.
