Shock: 2000 Cr Unaccounted Money Seized from CBN's PS?

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Thu 13th Feb 2020 09:33 PM

2000 Cr Unaccounted Money Seized from CBN's PS?

IT Seized Rs.2000 Crore from CBN's PS?
IT Seized Rs.2000 Crore from CBN's PS?
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This is huge! This is real big shocker!! According to a press release from Income Tax Department, Rs.2000 crore unaccounted money was seized by Income Tax sleuths from a prominent person's (CBN) Personal Secretary.

The press release reads, "Several incriminating documents and loose papers were found and seized during the search, apart from emails, WhatsApp messages and unexplained foreign transactions were unearthed during the search,” 

Preliminary estimates suggest siphoning of more than Rs 2,000 crore through transactions that were layered through multiple entities with the last in the chain being small entities with turnover less than Rs 2 crore to avoid maintenance of books of accounts and tax audits etc.

Such entities were either not found at their registered address or were found to be shell entities. Several such sub-contractors were controlled by the principal contractors with all their Income Tax Return filings and other compliances being done from the IP addresses of main corporate office. Unexplained cash of Rs 85 lakh and jewellery worth Rs 71 lakh have been seized and more than 25 bank lockers have been restrained."

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