The Income Tax department has found Rs 200 crore of undisclosed foreign assets belonging to a group of politically significant persons. The income tax sleuth has also traced Rs 30 crore of income tax evasion by the group.
As per a government statement, the Income Tax Department on 23rd July 2019, conducted searches in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh) to have the disclosure.
The statement mentions that the group is controlled by persons who have a significant political presence in a neighboring State for decades and they are occupying responsible political positions. “The group has been generating large amounts of undisclosed income over several decades.” Says the statement.
The statement claims, “Evidence detected so far reveals undisclosed cash dealings of huge amounts in immovable property transactions, construction, etc.”
The black money generated in India through various means has been stashed abroad in the form of lavish properties in the names of foreign trusts/companies located in tax havens, states the report.
It also describes that such foreign holdings of the main persons have remained hidden for decades beneath complex multi-layered structures, located in different countries including BVI, Panama, UK, UAE & Jersey. These structures have involved various frontmen and corporations across Continents.
As per the statement, one of the persons covered during the search operation was trying to obtain citizenship of a Caribbean Island.