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HindustanTimes Thu,24 Apr 2014

Mumbai : Angadias’ dispute led to fake alert

Manish Pachouly , Hindustan Times  Mumbai, July 04, 2013
First Published: 08:49 IST(4/7/2013) | Last Updated: 08:57 IST(4/7/2013)

A dispute among a few angadias led to passing of the fake alert to the National Investigation Agency (NIA) about the ‘smuggling’ of counterfeit currency in four tempos.

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However, when the NIA failed to get anything that concerned them, they alerted the income tax (I-T) department, which then seized the tempos and recovered cash, diamonds and jewellery.

Sources said that the angadias chose to target the NIA as they knew the agency would act swiftly on information regarding fake currency.

They also knew that alerting the Anti-Terrorism Squad, crime branch and police would not serve their purpose, as these are local agencies and know how angadias function.

Sources said that the I-T department has to prove that the cash, diamonds and jewellery are unaccounted for.

Officials said that the recovery of Rs11 crore in cash has already made their case, as carrying such a large amount in cash is not permissible.

“We have seized the cash, while valuation of diamonds and jewellery is on,” an I-T official said, requesting anonymity.
 
Officials estimate the entire consignment (including cash) could be in the range of Rs100 crore.

Officials said many traders have visited Scindia House, where the department’s investigation wing is situated, to claim the valuables.

“We will release the valuables immediately where documentation is in place,” the official said. Sources said forty of the 102 bags were released were released on Wednesday, and most of them contained rough diamonds and jewellery.

The official added that valuables for which there is no documentation would be released after proper assessment so that traders could be penalised. The cash and details of unaccounted valuables would be handed over to the assessment wing that will check past records of the traders and calculate the exact tax and penalty, officials said.

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