Demonetisation: Accounts with high deposits on I-T radar; Rs 15 cr seized in raids | ranchi | Hindustan Times
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Demonetisation: Accounts with high deposits on I-T radar; Rs 15 cr seized in raids

ranchi Updated: Nov 22, 2016 22:41 IST
Debashish Sarkar
Demonetisation

Police seize scrapped banknotes and detain four villagers on suspicion of depositing Maoists’ levy money at the SBI’s Noamundi branch in West Singhbhum. (HT Photo)

After the demonetisation move, the income tax (I-T) department started tightening the screws around bank accounts with high deposits, and intensified its drive to trace unaccounted cash stashed in scrapped `500 and `1000 notes, seizing `15 crore so far in the state.

The Jamshedpur I-T investigation wing seized `10 lakh cash from Payal Cinema Hall owners on Tuesday, and initiated action over `20 lakh cash in `500 and `1000 notes seized by West Singhbum police from a Scorpio at Jagannathpur.

“We’ve seized `10 lakh in cash and traced 7-8 bank accounts during survey at Payal Cinema. West Singhbhum police will hand over the seized `20 lakh to us tomorrow, and we will summon the arrested persons and businessmen in a day or two,” Jamshedpur I-T deputy director (investigation) Vijay Kumar told HT.

The IT department seized `1.50 crore from Harelal Mahato here; raids against five jewellers in Ranchi yielded `5 crore, and another `2 crore from two in Dhanbad. Three more jewellers were raided in Patna, accounting for a recovery of `15-20 crore so far.

I-T sources said 4 lakh Jan Dhan accounts in East Singhbhum, West Singhbhum and Seraikela-Kharsawan districts were on radar for abnormally high deposits. It is suspected that rich people, employers and even CPI (Maoists) used the accounts as as dummies to turn black money into white.

The Centre announced on Sunday a seven-year jail for those depositing black money misusing the privilege of `2.50 lakh per person without questioning, or allowing others to misuse their accounts for turning black money into white.

“Banks have been transferring data on all accounts to the I-T headquarters in Delhi, and the disseminated data will reach to local I-T wings after December 30. The real action will start then,” said Vijay Kumar.

“Cyber teams have been formed for analysing bank accounts with high deposits. About 2 lakh Jan Dhan accounts in East Singhbum, 1.25 lakh in West Singhbhum and about 75,000 in Seraikela-kharsawan districts are on our radar. Notices are being served to such account holders,” an I-T official said on anonymity.

West Singhbhum police lodged an FIR against suspected Maoist conduit Kashi Nath for trying to deposit `65,000 in Jan Dhan accounts in SBI’s Noamundi branch. Jamsedpur police seized `3.06 lakh from two people last week while they were recovering from Kadma area here `500 and `1000 notes of `25 lakh cut into pieces.

“This is the first time the I-T department will scrutinise bank accounts before filing of returns. Earlier scrutiny was done after returns were filed. We will check the source of income, clients, sale and purchase records, cash book and average business, and bank transactions of all suspected accounts,” an official said.

After the demonetisation move, the income tax (I-T) department started tightening the screws around bank accounts with high deposits, and intensified its drive to trace unaccounted cash stashed in scrapped `500 and `1000 notes, seizing `15 crore so far in the state.

The Jamshedpur I-T investigation wing seized `10 lakh cash from Payal Cinema Hall owners on Tuesday, and initiated action over `20 lakh cash in `1000 notes seized by West Singhbum police from a Scorpio at Jagannathpur.

“We’ve seized `10 lakh in cash and traced 7-8 bank accounts during survey at Payal Cinema. West Singhbhum police will hand over the seized `20 lakh to us tomorrow, and we will summon the arrested persons and businessmen in a day or two,” Jamshedpur I-T deputy director (investigation) Vijay Kumar told HT.

The IT department seized `1.50 crore from Harelal Mahato here; raids against five jewellers in Ranchi yielded `5 crore, and another `2 crore from two in Dhanbad. Three more jewellers were raided in Patna, accounting for a recovery of `15-20 crore so far.

I-T sources said 4 lakh Jan Dhan accounts in East Singhbhum, West Singhbhum and Seraikela-Kharsawan districts were on radar for abnormally high deposits. It is suspected that rich people, employers and even CPI (Maoists) are using the accounts as dummies to turn black money into white.

The Centre announced on Sunday a seven-year jail for those depositing black money misusing the privilege of `2.50 lakh per person without questioning, or allowing others to misuse their accounts for turning black money into white.

“Banks have been transferring data on all accounts to the I-T headquarters in Delhi, and the disseminated data will reach to local I-T wings after December 30. The real action will start then,” said Vijay Kumar.

“Cyber teams have been formed for analysing bank accounts with high deposits. About 2 lakh Jan Dhan accounts in East Singhbum, 1.25 lakh in West Singhbhum and about 75,000 in Seraikela-kharsawan districts are on our radar. Notices are being served to such account holders,” an I-T official said on anonymity.

West Singhbhum police lodged an FIR against suspected Maoist conduit Kashi Nath for trying to deposit `65,000 in Jan Dhan accounts in SBI’s Noamundi branch. Jamsedpur police seized `3.06 lakh from two people on Monday; they recovered `500 and `1000 notes of `25 lakh cut into pieces from Kadma area here last week.

“This is the first time the I-T department will scrutinise bank accounts before filing of returns. Earlier scrutiny was done after returns were filed. We will check the source of income, clients, sale and purchase records, cash book and average business, and bank transactions of all suspected accounts,” an official said.