IT officials seize Rs 120 crore unaccounted wealth from K'taka Congress MLA

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Bengaluru, Feb 11: A Karnataka Congress MLA and his family members admitted possessing unaccounted wealth worth Rs 120 crores during income tax raids in Bengaluru. Officials of the income tax department seized unaccounted wealth including cash of Rs 1.10 crore during raids of the Congress MLA from Bengaluru.

Officials said that the unaccounted additional income admitted by his family is in the form of unaccounted property, investment and construction of commercial property, hospital, residential house.

Unaccounted wealth from K'taka Cong MLA

Apart from this, officers also noticed withdrawal of bogus unsecured loan for the amount which is actually revenue receipt, taxation evasion of the properties received in JDA as well as unexplained cash and cash deposits. The MLA's family had also shown supression in receipts in convention hall and paying guest accommodation, it was learnt.

Further, an amount exceeding Rs 70 crore as payments received by various independent landlords were also identified, where no Capital gains were paid. A claim of exempt income for several years exceeding Rs 125 crore related to running a SEZ is said to have been found to be false.

Around 3,500 property documents were found evidencing land ownership of 560 acres and the same is being verified. In addition to the cash, 10 kg gold was also found during the search, sources of which is under investigation.

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