Kolkata, Nov 12 A network of accounting experts, including some qualified chartered accountants, have come under the scanner of the Enforcement Directorate (ED) in connection with the agency’s investigation into the multi-crore ration distribution case in West Bengal.
Sources said that while examining different documents and clues accumulated in connection with the case, the agency was surprised by the orchestrated system of operations in the entire case, starting from collection of proceeds to diversion using shell corporate entities and finally investing portions of the proceeds in diverse businesses and real estate sectors.
The ED is of the opinion that without the brainwork of more than one accounting unit, especially qualified chartered accounts, such accounting juggleries in the entire process would never have been possible.
Sources said that the central agency is currently preparing a list of chartered accountants associated with the 10 shell corporate entities whose names have surfaced in the course of investigation, as well as in the legal businesses where these ill-gotten proceeds were invested.
According to requirement, sources added, the central agency will summon some of them for interrogation in the matter.
Earlier this month, ED had conducted raid at the residence of one such accountant, Santanu Bhattacharyya, who used to handle the financial matters relating to three shell companies, whose names surfaced in the matter, namely Shree Hanuman Realcon Private Limited, Gracious Innovative Private Limited and Gracious Creation Private Limited.
All these three corporate entities, as perceived by the central agency, were floated and kept active for a limited period, just for the purpose of diversion of the ration distribution case proceeds.
In all the major cases of money laundering in West Bengal that are being probed by the ED, such as the coal smuggling, cattle smuggling, cash for school jobs and municipal jobs and finally the ration distribution case, the central agencies have noticed shell corporate entities managed by qualified chartered accountants playing important roles.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor