Andhra Pradesh: ED Attaches Assets Worth Rs 24 Lakh In Custom Duty Short Payment Case
Due to "undervaluation and subsequent short payment of customs duties," the ED temporarily attached M. Hari Babu's properties worth Rs. 24.13 lakh.
In the case of 'undervaluation and subsequent short payment of customs duties,' the Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs 24.13 lakh owned by M Hari Babu, Proprietor of Bhavani Diamond Tools, news agency ANI reported on Saturday.
The attached properties include M Hari Babu's residential properties in Prakasam district, Andhra Pradesh, worth Rs 8.1 lakh, the report said.
According to the report, the ED investigation revealed a plan by M Hari Babu, the Proprietor of Bhavani Diamond Tools, to avoid paying customs duties on goods such as "Saw Blanc & Saw Blade" imported in the name of M/s Bhavani Diamond Tools.
The accused also worked with representatives of Chinese overseas suppliers to create a second set of invoices with a lower value of the goods and submitted them to Customs at the time of import, the report added.
Furthermore, it was revealed that the accused, in order to align with lower values declared to Customs at the time of import, lowered the sale price of the imported goods in the domestic market to that extent and collected the differential values in cash, as stated in the report.
Following that, M Hari Babu, in accordance with their prior agreement with the Chinese overseas suppliers, paid the differential values, between the original value and the values declared to customs for payment of customs duties, in cash to the Chinese overseas suppliers' representatives in Ongole, Andhra Pradesh or Chennai, Tamil Nadu, the report said.
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According to the allegations, M Hari Babu evaded Custom Duty to the tune of Rs. 2 Crore (approx.) through the commission of undervaluation and the failure to pay appropriate Custom duties at the time of import of goods made in the name of Bhavani Diamond Tools, as per the report.
(With Inputs From ANI)
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