Home Tags Enforcement Directorate

Tag: Enforcement Directorate

Income Tax Department Seized Rs 106 Crore Cash and 127 Kg Gold through raids in Chennai

Income Tax department catches Money Laundering

The Income Tax Department shocked after conducting sudden raids in multiple locations in Chennai. Yes, the I-T department had seized more than Rs 106 crore cash including Rs 10 crore new notes and gold biscuits weighing 127 kg. I-T raids were held in multiple locations in Chennai to check tax avoidance after demonetization.

This is the largest seizure of new currency after the ban on inactive Rs 500 and Rs 1000 notes on November 8. The Income Tax Department had conducted a special operation at Chennai to caught tax evaders. Coming to the details, I-T officials said a contractor named as S Reddy working with the state Government has demanded the full cash and the gold as his own and is being questioned.

No Service tax on Debit Card or Credit Card Transactions Up to Rs 2000

I-T Dept officials confirmed that “the officials have seized 127 Kg gold in 1 kg bars, Rs 96 crore in cash and Rs 10 crore in new currency with new 2000 notes after the operation. This is a record amount that the Income Tax Department has detained in recent times.”

The department has performed searches based on intelligence reports about the activities of Reddy and few others for the last few days. The agency was investigating how the concerned party should get that much amount of new notes under the cash crunch. The bundles of the new Rs 2000 notes had no bank slips on them.

The officials said the tax investigators have also seized some documents related to financial transactions, entries of gold sale and records of sale/purchase. At least three persons of the so-called association are being questioned while few others are under the radar, they said.
I-T department has conducted IT raids in Chennai.

The officials stated that they would share the case details with the enforcement directorate and CBI for further probe into money washing and corruption angles. Some bank officials are also under the scam, and we are searching for those.

Rs 10 for Digital Transactions: Government is Looking to Provide Inducements to Boost Cashless Digital Payments

Earlier, the income tax department had made the big seizure of Rs 5.7 crore cash in new notes in Bengaluru a few days back after which two other central probe agencies. CBI and the Enforcement Directorate had taken over the cases to review instances of corruption, money laundering and large-scale hawala transactions in wake of the currency scrap on November 8.

ED Orders CBI to File Fresh FIR Against Vijay Mallya

 ED expedites Vijay Mallya’s loan case:orders fresh FIR

The Enforcement Directorate (ED) on Friday ordered the Central Bureau of Investigation (CBI) to file a fresh FIR case against the absconder liquor king Vijay Mallya.

ED has hastens the movements in Rs. 6,027 crore loan case. The assets worth of 6000 CR which Vijay Mallya own are being identified. These assets will soon be seized to clear the loan case.

Recently CBI took over the probe which is said be one of the biggest case under Prevention of Money Laundering Act.

Kingfisher Airlines owned by Vijay Mallya has taken loans from 17 banks including the top most players State Bank of India, IDBI Bank and Punjab National Bank. The loan amounting to about 6900 Crores is having irregularities in repayments. Mallya flew to London in the month of March, after which the banks had to reach Supreme Court to recover the debts.

Army Chief Dalbir Singh Suhag files Affidavit Alleging Cabinet Minister VK Singh

The fresh Fir copy may help to breakthrough 1600 CR loan taken from state bank group. A special court has recently declared Vijay Mallya an absconder and issued a non-bailable warrant against him.

Cases against Mallya have been booked under Section 420 of the Indian Penal Code (IPC) after IDBI and SBI filed separate complaints. ED and Serious Fraud Investigation Office (SFIO) are probing Vijay Mallya case along with other agencies.

The loan amounts in other banks that the Vijay Mallya owned groups could not repay include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).