Now, IT to investigate the home loan scam
Sleuths at the income-tax department are ready investigate the books of those involved in the multi-crore housing loan scam, once the department receives primary reports from Central Bureau of Investigation. Debobrat Ghose reports. Scams galore.india Updated: Nov 27, 2010 00:55 IST
Sleuths at the income-tax (IT) department are ready investigate the books of those involved in the multi-crore housing loan scam, once the department receives primary reports from Central Bureau of Investigation (CBI).
"Once the I-T department gets a lead from CBI, we will investigate the money earned by officials of PSBs and LIC Housing Finance in the form illegal gratification," a senior official who declined to be identified told Hindustan Times.
The department will probe into the "unexplained expenditures" of those who gave bribes; accounts and income of those who received bribes; and unaccounted income of officials of LIC Housing Finance and PSBs, who were arrested by the CBI.
It will also investigate the brokerage earned by Money Matters — the company at the centre of the scam.
Additionally, several real estate companies that have been raided in the past by the IT department, are under the scanner.
"We're trying to find out whether they have any connection or have indulged in any irregularities in the loan scam," he said.
The I-T department is also plans to bring realtors in Tier II & III cities under its scanner, the official said.
FinMin on trail before CBI raids
The ministry of finance has been on the case for a long time. Much before the CBI raids on Wednesday, the ministry had called for the files from LIC related to investments in 40 companies, a ministry source said.
"We wanted to know details of the investments, the people behind the companies, the pattern of investment and so on."