People in Madhya Pradesh and Chhattisgarh have concealed unaccounted wealth worth Rs 100 crore since the recall of high-value banknotes, income tax officials here said on Thursday.
Tax investigators have conducted operations (mostly surveys) at premises of at least 40 prominent jewellers, builders and catering groups since November 15 in Bhopal, Indore, Ratlam, Jabalpur, Gwalior and Chhattisgarh’s capital Raipur, a senior I-T official said.
Out of the Rs 100 crore, builders, jewellers and catering groups have admitted concealing income worth `40 crore, the official said.
Prime Minister Narendra Modi on November 8 announced that old 500 and 1,000 rupee bills would cease to be legal tender from November 9 in a crackdown on corruption, undeclared wealth and tax evasion.
Business and residential premises of jewellers were searched in Bhopal, Indore, Jabalpur and Ratlam, while only surveys were carried out at business premises of builders in Bhopal, Raipur and Jabalpur.
Under survey, tax sleuths just inspect and verify records at business premises of a trader. On gathering critical evidence from a survey about anomalies, a proper search of residential and business premises is done by taxmen.
Meanwhile, four catering groups in Indore have surrendered Rs 5 crore concealed income before the I-T department.
“Surveys and searches in the past fortnight led the I-T department to concealed income of Rs 100 crore, 50% of which pertains to builder groups in Jabalpur and Raipur. Substantial undisclosed income is likely to be revealed by surveys at the premises of two prominent builders in Bhopal also,” the I-T department official said.
In Gwalior, two fresh searches are going on at five premises of a prominent jeweller in Sarafa Bazar and a sugar trader in Dal Bazar.
Notably, gold and jewellery worth Rs 100 crore were sold in the state’s four cities - Bhopal, Indore, Jabalpur and Ratlam - within hours after withdrawal of 500 and 1,000 banknotes was announced by the prime minister.
Out of the 1000-odd people, who made the purchase to convert the recalled banknotes into liquid assets, up to 95% are fictitious people.
Rs 14.36 lakh cash seized in Bhopal
The Bhopal police’s crime branch has seized cash worth Rs 14.36 lakh, including newly introduced Rs 2,000 and Rs 500 banknotes, from the possession of four men. Acting on a tip-off, crime branch officers on Wednesday intercepted a car in Habibganj and made the recovery. The seized cash includes 239 banknotes of Rs 2,000 and 54 banknotes of Rs 500 besides Rs 100. “We asked them about the source of the cash but they failed to give any satisfactory answer. Police registered a case and informed the income tax department,” town inspector (crime) MK Mishra said.
Rs 7.5 lakh in new notes recovered in Sagar
Police have recovered newly introduced Rs 2,000 banknote worth Rs 7.5 lakh and Rs 100 currency worth Rs 1.5 lakh from two people in Sagar. City superintendent of police Gautam Solanki said suspects Deepak Jain and Sanjeev Jain were arrested. Solanki said both the suspects told police that they were businessman and they got currency using their bank accounts. Deepak is a resident of Gourjhamar village and Sanjeev belongs to Makronia. An income tax team has reached Gopalgunj police station and is interrogating the suspects, the officer said.