Prakasam: ED attaches assets worth Rs 24L in Customs duties evasion case
The ED investigation revealed that Hari Babu, with an intention to short pay Customs duties against goods imported in the name of Bhavani Diamond Tools, collaborated with overseas suppliers in China and fabricated a second set of invoices with lower value and submitted them to the Customs at the time of import.
By Newsmeter Network Published on 28 Jan 2023 10:21 AM GMT
Prakasam: The Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs. 24.13 lakhs, including residential properties in Prakasam district, in the case of undervaluation and subsequent short payment of Customs duties. Property worth Rs. 8.1 lakhs are owned by M. Hari Babu, the proprietor of Bhavani Diamond Tools.
The ED investigation revealed that Hari Babu, with an intention to short pay Customs duties against goods imported in the name of Bhavani Diamond Tools, collaborated with overseas suppliers in China and fabricated a second set of invoices with lower value and submitted them to the Customs at the time of import.
Further, it also revealed that Hari Babu, to align with the lower values that were declared to the Customs at the time of import, lowered the sale price of the imported goods in the domestic market and collected differential values in cash.
Subsequently, Hari Babu, according to the prior arrangement with the overseas suppliers, paid the differential values (between the original value and the values declared to Customs for payment of duties) to the representatives of the overseas suppliers at Ongole, Andhra Pradesh or Chennai, Tamil Nadu in cash. At the time of importing the goods, Hari Babu evaded Customs duties to the tune of Rs. 2 crores (approx.). Further investigation is underway.
