ED raids 12 locations in Jharkhand, West Bengal, Maharashtra in ₹750 crore ITC scam
The searches, carried out under the Prevention of Money Laundering Act (PMLA), 2002, began early in the morning.
Officials revealed that the case centers on a network of shell companies and unauthorised financial channels used to generate and launder fraudulent ITC claims, ANI reported.
The investigation originated from the arrest of Shiva Kumar Deora, alleged to be the mastermind of the syndicate. Deora was taken into custody in May 2025 and was charged with last month. Officials say his interrogation and seized evidence revealed the involvement of several other individuals and firms in laundering the proceeds of crime.
As per the officials, the ongoing search operation is based on credible leads that helped the agency identify additional beneficiaries and financial conduits within the illicit network.
The ongoing search operation is based on credible leads that helped the agency identify additional beneficiaries and financial conduits within the illicit network.
The objective of the operation is to trace the broader money trail and recover incriminating material linked to the proceeds of crime.
Key Takeaways The ED's investigation highlights the growing issue of tax fraud and money laundering in India.
The case reveals the complexities of financial crimes involving shell companies.
Understanding how tax credit scams operate is crucial for preventing similar fraudulent activities.
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