Hoshiarpur money changer’s arrest: Puneet Sood had no GST account, money-changing licence

Tribune News Service

Jalandhar, August 26

The arrest of Hoshiarpur-based money changer Puneet Sood with a recovery of nearly Rs 3 crore Indian and foreign currency by the Jalandhar police last month has opened up a pandora’s box on the nexus of illegal agents running hawala racket in the region.

This was not for the first time that , had been caught with unaccounted cash. He was among two more Hoshiarpur-based persons who had also been arrested by the Customs Department with a recovery of Rs 2.3 crore at IGI Airport in May 2021. The cash had been found wrapped in a foil in their bags which was checked by department sleuths. The accused were then set to fly to abroad.

During interrogation by the city police since his arrest, Sood confessed that his company Pankaj Enterprises had no GST account and that he was still dealing in Rs 15-20 lakh transactions on a daily basis.

Investigations also revealed that he was a sub-agent for Paul Merchants but his licence had become invalid in 2017. Sood, however, had maintained, “The licence of several other people in the trade had also become invalid at that time. I am also into property dealing business”.

He had also revealed he had been keeping the recovered cash with him at his place in Hoshiarpur for the past 45 days. He had also shared the details of his dealings with other money changers and said the money confiscated was his commission-based income. Sood had also not been able to produce any trade licence to run his shop from the Municipal Corporation, Hoshiarpur.

Even though his family had claimed last week that Rs 1 crore more in Sood’s possession on July 21, the day of his arrest, was found missing after the police action, he had confirmed before the court that he was only in possession of Rs 2.93 crore in Indian currency and $3100 at the time of his arrest. Sood is also facing FIR under the NDPS Act, Excise Act and Arms Act.

Unconvinced with his theories, the police have also written to the Enforcement Directorate and Income Tax Department to track his account details, forward and backward linkages and transactions for more shady deals. Several people who were connected with him for such deals are now wary as more agencies are set to follow the case and check his involvement in any alleged drug trade. He has reportedly taken the names of some high-profile people from Punjab and Delhi involved in his alleged racket.

Inspector of Navi Baradari Kamaljit Singh confirmed that Sood could not produce any GST account detail or money changing licence. He said, “We have forwarded all his case details with the ED and I-T departments for tracking the money trail”.