Income tax officer Rakesh Kumar Jain, who is currently on bail after being booked for graft, had amassed wealth to the tune of Rs 1.09 crore beyond the known sources of his income.
This was revealed by Central Bureau of Investigation (CBI) before the court in the chargesheet filed against Jain in a disproportionate assets case registered against him in May 2013.
Jain was arrested red-handed by the CBI in February 2013 while accepting a bribe of Rs 50,000 from a property consultant.
The CBI during investigations had found that Jain’s total accumulated assets stood at Rs 1.77 crore, of which source of assets valued at Rs 1.09 crore was unexplained.
The CBI investigations revealed that Jain had a total of 16 accounts and major investments were made in shares and fixed deposit receipts (FDRs).
The searches of Jain’s house and bank lockers after his arrest in 2013 had led to recovery of gold haul and cash.
Two gold bricks weighing 1 kg each worth Rs 60 lakh, were recovered from Jain’s residence in Sector 22 at the time of his arrest by the CBI on February 6.
A sum of Rs 24 lakh was also seized from his house.
On February 8, during the search of Jain’s bank lockers, the CBI had recovered a brick of gold, weighing 1 kg, besides gold coins and jewellery worth Rs 15 lakh.
The lockers were in the Sector 17 branch of the Bank of Baroda and the Sector 22 branch of the State Bank of Patiala.
The total value of gold and cash recovered from Jain’s possession was Rs 1.5 crore.
CBI sleuths had also recovered documents pertaining to investment in shares worth Rs 60 lakh from his residence.
PROCEEDINGS AGAINST MOTHER DROPPED
The CBI had also named Jain’s mother Kanta Jain (80) as an accused, accusing her of abetting Jain in the crime, as she had allegedly helped her son in hiding the bribe money.
But after her death recently, the investigating agency dropped the proceedings.
Jain’s wealth came under scanner after his arrest on February 5, 2013, for taking a bribe of Rs 50,000 from a real estate agent, Ashok Arora, for settling an issue pertaining to income tax notices served on him.
Jain had allegedly demanded Rs 3.5 lakh as bribe and the deal was finally struck for Rs 2.5 lakh.
Arora had paid him the first installment of Rs 50,000 when the CBI arrested the accused.
The bribe amount of Rs 50,000 was recovered from the undergarments of Jain’s mother.