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Thursday , 19 October 2017
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Income Tax department finds Rs 162 crores in undisclosed assets and Rs 41 lakh cash

_24540dc6-e1da-11e6-af2a-7d9058160009The Income Tax (IT) department conducted a raid on the Karnataka Cabitne Minister for Small Scale Industries Ramesh Jarkiholi and Karnataka Mahila Congress President Laxmi Hebbalkar. The IT department is said to have found undisclosed assets worth Rs 162 crores and Rs 41 lakhs in new currency along with 12.8 kilos of gold and some jewellery.

The IT department had gotten many tips about suspicious investments made by the duo and they were acting on the tips that they received. The accused in both the cases were not available for comment. The IT department has said that they have received information about many individuals who have not filed their IT returns and they shall be conducting raids on these people. The raids were conducted in Belgavi, which is in Belgaum district.

A probe was initially launched on January 19th to probe their activities around a sugar company that the two control through other individuals. They said that large amounts of cash were deposited by family menbers of these two and hence their actions appeared to be suspicious. Many fictitious people were made owners and investors of businesses that these two onwed or controlled. The IT department has gathered information about the two creating fake accounts, companies and assets to generate black money in order to evade taxes.

The IT department has issued summons to various people who are connected to the two. Sources close to the duo have however said that the two seem to be victims of a political witch hunt.

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