IT raid on Karnataka minister unearths undeclared Rs 162 crore, 12 kg gold

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Bengaluru, Jan 23: Officials of the Income tax department claimed that raids on a Karnataka cabinet minister and a Congress officer bearer yielded Rs 162 crore undeclared income. Raids carried out at properties belonging to a minister in the Siddaramaiah cabinet and a senior Congress functionary also yielded unaccounted Rs 41 lakh in cash and more than 12 kgs gold.

IT officials in a release also claimed that during the searches there were instances of mobs gathering at various premises in Gokak and Belgaum. At one of the premises attempts were also made to create law and order situation. The tension was diffused thanks to the timely action by the officers deployed at spot.

IT raid on Karnataka minister

Searches helped authorities gather evidence of systematic and organised tax evasion by both the groups. Examination of various entry providers, immediate bank enquiries and surveys carried out at cooperative societies confirmed that huge unexplained cash deposits have been made in the bank accounts of family members and associates and that in benami names in primary Cooperative Societies which were transferred to business entities carrying out sugar manufacturing.

It was also seen that non-existent persons had been made share holders and investors in one of the sugar companies. Evidence of creation of bogus assets and siphoning off money from the company through various concerns engaged in projects for setting up of sugar factories have also been gathered.

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