Income Tax officers on Thursday recovered hoards of cash, gold, luxury cars and LED TVs from some bureaucrats in the Uttar Pradesh government. The raid was part of the ongoing drive against black money holders continued across the country.
A team from the Income Tax department recovered ₹10 core in cash and about 10 kilograms of gold from the Noida residence of Keshav Lal, additional commissioner of state Sales Tax department who is posted in Kanpur, tax officials said.
The tax sleuths also raided at least four premises of YP Tyagi, former officer on special duty (OSD) of Noida Authority at his Sector 50 house in Noida, and found documents showing undisclosed investments in two hotels and stakes in a private university in Noida. A 10-member IT team raided Tyagi’s house at 10.30 am and continued the exercise till late into the afternoon.
“The former official held 100% stake in a hotel and another 50% in another hotel. He owns three more flats besides the house he lives in. The office of the private university in Sector 67 was also raided and some incriminating documents were found there. The house in Sector 15A, where his family resides, was also raided,” said an IT official associated with the raid.
Sources said one of the hotels is in Goa and another in Hardwar.
“The Noida officer was found to have made unaccounted cash payments for purchase of immovable properties worth more than ₹2 crore in the name of his spouse,” said an official, adding that he will soon be issued summons to join the investigation.
The department, the official said, will undertake similar action against few more bureaucrats who have been on its radar for quite some time now.
Since the end of the second black money disclosure scheme on March 31, the Income Tax department has carried out searches on 250 on dubious companies that were suspected to be used to launder unaccounted cash.
After swooping down on shell companies last week, the Income Tax department cracked down on finance companies dealing with Ponzi schemes.
Over ₹540 crore worth of black money has been detected by the department in the last 15 days as part of its nation-wide operations to check tax evasion.
In the first fortnight of the new financial year that began on April 1, taxmen have conducted multiple search and survey operations on entry operators (agents using banking channels to launder funds), shell firms, government officials, real estate players and other sectors.
As per an official data compiled till April 15, the department has carried out over 250 searches and survey operations where the taxmen raided at least 300 shell firms and detected more than ₹540 crore of black money.
“Under Operation Clean Money, more than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period,” the finance ministry said on Friday.