ED raids 2 Ludhiana bizmen, seizes records : The Tribune India

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ED raids 2 Ludhiana bizmen, seizes records

Firms ‘failed’ to comply with RBI norms

ED raids 2 Ludhiana bizmen, seizes records


Tribune News Service

Ludhiana, March 31

The Enforcement Directorate (ED) last night completed raids on two businessmen related to one another here.

Sources in the ED told The Tribune the firms floated by Dinesh Soin and Abhishek Soin were not in compliance with the Reserve Bank of India (RBI) regulations.

“There can also be a violation of the Foreign Exchange Management Act, we are looking into it. The documents and digital data have been confiscated from their premises,” said the source.

The ED had conducted raids on two businessmen in the city. Both have floated many companies under names Cyber Paper Private Limited, Sumedha Craft, Cyber Global Green and Himachal Wastepaper Private Limited. Dinesh has been the director of almost 8-10 companies.

As per information, Soins had come up with a plant in Baddi, Himachal Pradesh, and heavy transactions had taken place, but it was alleged there were several discrepancies and the records were not up to the mark. The businessmen were on the ED radar for a long time before the raid was conducted.

One of the associates of Dinesh said both led a luxurious lifestyle and heavy transactions were involved with many other businessmen.

“Following the raids, other businessmen are in panic. It is believed the Soins had an idea about being on the ED radar, so one of them (Dinesh) had shifted to Switzerland. No one knows whether the family has shifted permanently or temporarily,” said the associate. —

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