Rs 400 cr in cash, jewellery seized by IT sleuths in raids this year
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New Delhi: The Income Tax department has made seizures totalling over Rs 400 crore this fiscal during raids, which were also conducted to detect alleged irregularities in finances of IPL and Commonwealth Games.
Cases of seizure of high value assets like cash and jewellery rose by 17 per cent during the period, data released by the Finance Ministry showed. Officials in the Finance Ministry said the operations of the department's enforcement and investigation wing in cash rich ventures like IPL and Commonwealth Games and raids on sectors like the real estate contributed 'significantly' to the tally.
The department has also seized financial documents of fixed deposits, share investments and 'benami' properties during its operations till October. While the I-T investigation wing executed 2,548 warrants so far this financial year, it seized Rs 271 crore in cash and jewellery worth over Rs 80 crore.
The department also seized and sealed other assets like investment bonds and bank assets to the tune of over Rs 61 crore. Almost Rs 414 crores in cash, jewellery and other investments have been seized by the I-T department this fiscal, according to the official data.
The I-T department carried out nationwide searches earlier this year to probe IPL finances and conducted two rounds of raids on the premises of Commonwealth Games contractors in October.
Apart from these high profile operations, the department carried out searches and surveys on various sectors like real estate, education, cross-border transactions and other businesses. During the same period last year, the I-T department had executed 1,654 warrants and seized assets (including cash and jewellery) to the tune of more than Rs 350 crore.
Countrywide searches and raids on the premises of former Jharkhand Chief Minister Madhu Koda and his associates were conducted last year, of which certain seizures were also made in this financial year, the officials said. The I-T department has also deployed its technical expertise to gather intelligence and obtain evidence in cases where it suspected huge tax evasion.
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