Raids on ex-fund manager leads to recovery of Rs 55 crore deposits
New Delhi, Aug 06: The Income-tax department has seized "unaccounted" deposits worth more than Rs 55 crore and unearthed "evidences" of large-scale hidden investments after it recently raided a former chief trader and a fund manager, some share brokers and others, the CBDT and officials said Friday.
The raids were launched on July 28 and more than 25 premises in Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata were covered including that of "middlemen and entry operators (hawala operators)." Documents seized during the searches "including sworn statements recorded from various persons have revealed the modus operandi that the said fund manager and chief trader were sharing specific trade related information with brokers/middlemen and persons located in certain foreign jurisdictions, " the CBDT said in a statement, news agency PTI reported.
"These persons in turn, used such information for illicit gains in the share market by trading in such scrips either in their own account or account of their clients," it said.
The
Central
Board
of
Direct
Taxes
(CBDT)
is
the
administrative
body
for
the
I-T
department.
These
persons,
the
CBDT
said,
including
family
members
of
the
fund
manager
have
"admitted"
in
their
statements
that
the
"unaccounted"
cash
generated
from
the
above
operations
was
routed
mainly
through
Kolkata-based
shell
(bogus)
entities
into
their
bank
accounts.
"From
these
bank
accounts,
funds
have
been
further
diverted
into
the
bank
accounts
of
companies/entities
incorporated
in
India
and
other
low
tax
jurisdictions.
The
gleaning
of
seized
evidence
has
exposed
the
nexus
between
the
ex-fund
manager,
middlemen,
share
brokers,
and
entry
operators,"
it
alleged.
SSC scam: Rs 20 crore cash seized after raids on Trinamool minister Partha Chatterjee's close aide
The CBDT said documents and data related to "large-scale unaccounted investment in cash loans, fixed deposits, immovable properties and their renovation, etc., have been seized." "So far, unaccounted deposits exceeding Rs 55 crore have been seized," the statement said, adding more than 20 lockers have been sealed by the officers of the department during the raids.