Home Crime Enforcement Directorate files case against media baron Raghav Bahl under PMLA for undeclared foreign assets

Enforcement Directorate files case against media baron Raghav Bahl under PMLA for undeclared foreign assets

Raj Kumar Modi, in an admission to the tax officials under oath, had alleged Bahl of using his shell company to launder money and evade tax. Modi is the Managing Director of PMC Fincorp, a shell company, which Bahl had invested money in. 

The Enforcement Directorate (ED) has filed a case against media giant and founder of The Quint, Raghav Bahl, under the provisions of the Prevention of Money Laundering Act (PMLA).

Last month, picking up on the complaint filed by the Income Tax (IT) department against Bahl under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015, the ED had initiated action against him. The law enforcement agency had lodged an Enforcement Case Information Report (ECIR), a police FIR equivalent, based on the complaint.

According to the IT department, Bahl has not disclosed his foreign assets, a property bought in London, UK for 31 lakh pounds. The economic intelligence agency has sought details from the IT department regarding the offense allegedly committed by Bahl.

- Advertisement - - article resumes -

Bahl was served a Show-Cause notice on May 1, 2019, seeking information about the property and the source of funds for an investment made in that property.

On October 11, 2018, the IT officials had searched The Quint owner’s premises. Sleuths from the department had raided his residence in Noida to search for documents and other pieces of evidence related to the case.

Raj Kumar Modi, in an admission to the tax officials under oath, had alleged Bahl of using his shell company to launder money and evade tax. Modi is the Managing Director of PMC Fincorp, a shell company, which Bahl had invested money in.

Modi has reportedly made a statement to IT officials where he claimed that Bahl’s chartered accountant had given him ₹100 crores in cash “to convert into white”.

According to reports, Raghav Bahl and his wife have invested ₹3.03 crore in the penny stock company PMC Fincorp LTD. In spite of the company not indulging in any trade activity, the price of the shares shot up to ₹848/share in the next two years from the initial price of ₹5.50/share when Bahl had bought them. Bahl had then sold his shares following, which the share prices appear to have crashed again.

However, in a press release, Bahl had denied the allegations levelled against him. He has asserted that every transaction had been fully disclosed and assessed to tax.

In fact, the entire left-leaning media had then come out in support of Bahl, crying political vendetta.

Bahl had claimed the money invested in the property is from the income on, which taxes have been duly paid. He also claimed the information has consistently been disclosed in the Foreign Asset Schedule of the Income Tax Returns of Raghav Bahl, his wife and children.

Help Us Reach Every Indian, Please Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Advertisement

Big Story

The case concerns with the death of one Prabhudas Vaishnani who had died due to the injuries inflicted upon him under police custody. Six other policemen along with  Bhatt were also the accused in the case.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

Anjana Om Kashyap heckles doctors and nurses in Bihar hospital

What you did in that ICU is not journalism, Anjana Om Kashyap, it is insensitive, creating a nuisance and endangering lives

A video came to light earlier where Anjana Om Kashyap, a senior journalist from the India Today group was seen heckling and questioning a doctor inside the ICU over the outbreak of Encephalitis in Bihar

Ajaz who had set ablaze woman Police officer in Kerala dies while undergoing treatment in hospital

Ajaz had suffered 40% burns during the tussle that took place between Pushpakaran and him after he set her ablaze and was admitted to ICU at Alappuzha Medical College.
Bhat has been reportedly sentenced to life imprisonment by a trial court in Jamnagar

Disgraced former IPS officer Sanjeev Bhatt sentenced to life imprisonment in custodial death case

The case concerns with the death of one Prabhudas Vaishnani who had died due to the injuries inflicted upon him under police custody. Six other policemen along with  Bhatt were also the accused in the case.
Image Source: Eventilators

FIR lodged against rapper Hard Kaur for calling Yogi Adityanath ‘OrangeRapeMan’ and accusing RSS chief of terror attacks

A complaint against rapper Hard Kaur has been registered by Varanasi based lawyer Shashank Shekhar at the Cantonment police station on Wednesday.
Ushoshi Sengupta was allegedly chased and attacked, along with her Uber driver by a mob in Kolkata

Kolkata: Former Miss India, Uber driver attacked by mob, Fardin Khan, Sheik Rahit, and 5 others arrested

The Kolkata police finally swung into action and arrested seven men: Sheik Rahit, Fardin Khan, Sk. Sabir Ali, Sk. Gani, Sk. Imran Ali, Sk. Wasim and Atif Khan, for allegedly harassing the complainant.

Kolkata Muslims write to Mamata Banerjee: Don’t let culprits who attacked doctors and Ushoshie get away just because they are Muslims

Notable Muslims of Kolkata write a letter to Mamata Banerjee expressing anguish over the latest events in the state

Rapper Hard Kaur goes mental on social media: Blames RSS Chief for terror attacks, calls Yogi ‘OrangeRapeMan’

Taran Kaur Dhillon, more popularly known by her stage name Hard Kaur, appears to have fallen over the edge.

After threatening Jesus to choose between her and Rakhi Sawant, Tanushree Dutta questions Modi’s ‘Ram Rajya’

The Mumbai police have recently filed a B Summary report, giving a clean chit to Bollywood actor Nana Patekar, in connection with actor Tanushree Dutta sexual harassment case

Media does it again: Portrays JeM Pulwama terrorist as a chocolate boy who turned murderous due to Indian Army

In numerous instances, they have tried to humanize terrorists themselves as well. The latest entrant to the party is a report on Hindustan Times by Ashiq Hussain.
Subscribe to Day's Top Stories
- Advertisment -

Latest articles

Connect with us

171,053FansLike
149,809FollowersFollow
69,935SubscribersSubscribe
Help Us Reach Every Indian, Please Share This Post