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IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

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IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

Last updated: July 17 2020
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  • #21

    #21

    Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

    ED raids DHFL premises on having exposure to firms linked to Iqbal Mirchi

    Jayshree P. Upadhyay The non-banking finance company came under investigations when the probe agency was examining three properties linked to Iqbal Mirchi
    • The ED raids were in relation to a case money laundering in a land deal involving drug lord Iqbal Mirchi
    • DHFL is under scanner for giving loans to a real estate firm — Sunblink Real Estate. This real estate firm has links with Mirchi
    MUMBAI : The Enforcement Directorate (ED) on Saturday conducted searches at 14 premises of Dewan Housing Finance Ltd and its associated firms. The searches were in relation to a case money laundering in a land deal involving drug lord Iqbal Mirchi, said an ED official.

    A spokesperson for DHFL was not immediately available for a response.

    What is the DHFL case?

    DHFL is under scanner for giving loans to a real estate firm — Sunblink Real Estate. This real estate firm has links with Mirchi.

    "It is alleged that DHFL has given loans to the tune of ₹2,100 crore to Sunblink over a period of nine years. So far in the preliminary investigations DHFL has not been named. The searches are to ascertain the nature of the loans," said the ED official.

    The non-banking finance company came under investigations when the probe agency was examining three properties linked to Mirchi. These properties were used to launder money and are proceeds of crime.

    These properties have allegedly been purchased through loans availed from DHFL by Sunblink.

    "These three properties may be attached soon," ED official said.

    The other Iqbal Mirchi case?

    In addition to these three properties, properties owned by Mirchi in Worli's Ceejay House is also under probe. The transactions pertain to Millennium’s redevelopment of 15-storey commercial building Ceejay House in Worli, Mumbai. Mirchi’s family was allocated two floors in the redeveloped building admeasuring 14,000 square feet. Senior NCP leader Praful Patel and his wife are majority shareholders in Millennium.

    Patel was quizzed on Friday for 12 hours by the ED to require about financial transactions between Millennium and Mirchi's wife Hazra Menon.


    https://www.livemint.com/news/india/...mpression=true

    ED conducts raids on DHFL premises over transfer of Rs 2,186 crore to D-Company

    Sources said the searches by several teams of ED officials were being conducted at around eight places connected to Diwan Housing Finance Limited (DHFL) in Mumbai and other places.


    The Enforcement Directorate (ED) on Saturday conducted raids at several premises of DHFL after finding out that the loan of over Rs 2,100 crore given by the firm reached D-Company in Dubai.

    Sources said the searches by several teams of ED officials were being conducted at around eight places connected to Diwan Housing Finance Limited (DHFL) in Mumbai and other places.

    India Today learnt that documents related to loans given by DHFL to Sunblink Real Estate Private Limited and RKW Developers were seized by the ED, along with other documents pertaining to the non-banking financial corporation. Top sources within the agency maintained that investigators are reviewing the documents and soon DHFL will be called in for questioning for allegedly giving loans to Sunblink Real Estate Private Limited, which facilitated routing Rs 2,186 crore to Dawood Ibrahim's aide Iqbal Mirchi in Dubai.

    DHFL came under the ED's lens for the first time when they were investigating about three properties linked to Iqbal Mirchi.

    The ED's probe revealed that three properties suspected to be linked to Iqbal Mirchi had taken loan of Rs 2,186 crore from NBFC. This loan was allegedly transported and routed abroad in offshore accounts. When the NBFC was investigated, DHFL came under scanner.

    The federal probe agency claimed that during the investigation, it was found that three properties in question, Rabia Mansion, Marium Lodge and Sea View, were used by 1993 terror attack mastermind Dawood Ibrahim's close associate Iqbal Mirchi to launder over Rs 2,100 crore.

    According to the ED's document, "During the statement recorded under custody, the accused (Ranjeet Bindra) accepted meetings and further negotiations with Iqbal Mirchi in London in respect of the said three properties as broker and on behalf of Sunblink Real Estate Private Limited."

    Investigation by the ED further revealed information about the huge transaction of Rs 2,186 crore undertaken by Sunblink Real Estate Private Limited with regard to the three properties.

    DHFL belongs to the Wadhawan family, who also own RKW Developers located at the HDIL building. The director of RKW Developers had a director called Ranjit Bindra. Interestingly, Ranjit Bindra was a broker who negotiated deal with Iqbal Mirchi in London.

    Primary investigation indicated that Bindra, who is known to have made deals with Wadhawans, also sealed deals for Iqbal Mirchi.

    Sunblink's own account details showed that it was receiving hundreds of crores every year starting from 2010 from DHFL. In nine years, DHFL own loan consolidation documents prove that it had approved Rs 2,186 for Sunblink Real Estate.


    https://www.indiatoday.in/amp/india/...993-2019-10-19

    ED searches held at 14 DHFL premises

    As part of its investigation into a loan of ₹2,186 crore to Sunblink Real Estate Pvt Ltd, the Enforcement Directorate (ED) on Saturday conducted searches at the offices of Dewan Housing Finance...

    By Pratik Salunke


    As part of its investigation into a loan of ₹2,186 crore to Sunblink Real Estate Pvt Ltd, the Enforcement Directorate (ED) on Saturday conducted searches at the offices of Dewan Housing Finance Limited (DHFL). The raid was in connection with DHFL’s alleged link to the late Iqbal Mirchi, who was a close aide of gangster Dawood Ibrahim.

    Fourteen DHFL premises, including the firm’s headquarters in the city, were searched on Saturday. DHFL executives may be questioned for extending loans to Sunblink Real Estate Pvt Ltd, which is suspected to have facilitated routing ₹2,186 crore to Mirchi in Dubai. DHFL, founded in 1984 by Rajesh Wadhawan, has denied the allegations.

    According to ED, three properties are proceeds of crime. Sunblink Real Estate Pvt Ltd developed these properties after buying them from Mirchi in 2010. The deal between Mirchi and Sunblink Real Estate Pvt Limited was brokered by Ranjeet Bindra, who acted on behalf of Sunblink and is also a director of RKW Developers. RKW Developers is owned by DHFL.

    In 2010, Mirchi allegedly signed agreements to redevelop these properties, for which he received 90 million dirham through a hawala transaction, according to the ED. He used this money to purchase a five-star hotel in Dubai. After Mirchi left India and was declared a proclaimed offender, these properties were confiscated by the police under the Smugglers and Foreign Exchange Manipulators Act.


    ED also alleged that Mirchi had bought these properties from the Mohammad Yusuf Trust in 1986 and the trust had misrepresented before various legal courts that the properties still belonged to the trust, after which the properties were released and returned to the trust again in 2005. The ED has alleged that Mirchi used the trust as a front to negotiate with several developers.


    https://m.hindustantimes.com/mumbai-...mpression=true
    Last edited October 20 2019, 03:21 AM.

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    • #22

      #22

      Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

      UP government goes ahead with criminal FIR against its two power corporation employees with charges of breach of trust, forgery over alleged fraud of Rs 2,200 crore through series of investments of its employee funds in a controversial defaulter firm DHFL

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      Yogi govt arrests top officials in EPF scam, CBI to probe DHFL links

      New Delhi: Adhering to its zero tolerance policy on corruption, the Yogi Adityanath government in Uttar Pradesh has registered an FIR in the Employees Provident Fund (EPF) scam case and arrested two senior government officials.

      The state government also decided to transfer the case to the Central Bureau of Investigation (CBI).

      The two officials, taken into police custody on Saturday evening, were accused of obliging a private firm, Deewan Housing Finance Ltd (DHFL), allegedly linked to underworld kingpin Dawood Ibrahim’s aide late Iqbal Mirchi. The UP government’s swift action was taken following a news break by IANS on the EPF scam on Friday evening.

      Talking to IANS over phone, a senior official of the Chief Minister’s Office in Lucknow said that Yogi Adityanath took a very serious note of the financial irregularities committed by senior officials of state-owned UP Power Sector Employees Trust, who violated norms while investing Rs 2,631 crore of the trust’s funds with a controversial private firm, DHFL.

      The officials arrested by the police have been identified as Praveen Kumar Gupta, the then Secretary of the Power Sector Employees Trust, and Sudhanshu Dwivedi, the then Director (Finance) of UP Power Corporation.

      On UP government’s recommendation, the probe into the case will be transferred to the CBI. However, till the CBI takes over the probe in the days to come, the Economic Offences Wing (EOW) of the UP police will continue to investigate the case.

      As per the FIR, both the officials arrested by the police did not seek written permission from the top heads in the government before transferring funds to DHFL, whose promoters, Kapil Wadhawan and Dheeraj Wadhawan, were recently grilled by the Enforcement Directorate (ED) for their connection with firms linked with the D-Company run by Dawood Ibrahim.

      Massive funds were transferred to the DHFL by the UP Power Sector Employees Trust, beginning March 17, 2017, two days before Yogi Adityanath took oath as the Chief Minister of Uttar Pradesh.

      Sources revealed that UP Police will now look into the case to ascertain on whose decision or instruction a private company with shady records was given the mandate to hold over EPF funds worth over Rs 2,631 crore.

      Meanwhile, the UP government has decided that in future, the decision to invest money relating to EPF funds will be taken by the Union government body, the Employees Provident Fund Organisation (EPFO).

      The officials of the state government have admitted that norms were thrown to the wind while the Power Sector Employees Trust decided on its own to invest funds in a private housing company. Names of two other housing companies have also come to light in which EPF money was invested.

      The decision to invest EPF money in a shady private company is now being vociferously raised by the engineers and the employees’ unions. In a letter to the Uttar Pradesh Power Corporation Ltd (UPPCL) Chairman, several employees’ unions have questioned the decision to invest money related to General Provident Fund (GPF) and Contributory Provident Fund (CPF) of employees with DHFL.

      The UP State Electricity Board Engineers Association (UPSEBEA) has said that the Yogi Adityanath government should now ensure that the hard earned money of thousands of employees deposited with a shady company should be retrieved.

      “Over Rs 1,600 crore are still with DHFL. The government should get back this money. We also need an assurance from the government that in future, money deposited with GPF or CPF trust are not invested in such private firms,” Rajeev Kumar Singh, General Secretary of UPSEBEA, told IANS.

      The UPSEBEA letter reveals that the Board of Trustees (of the UP Power Sector Employees Trust) deposited surplus funds of employees in DHFL’s fixed deposit scheme from March 2017 to December 2018.

      Meanwhile, the Bombay High Court stayed the payments of DHFL in the wake of its links with several shady companies and deals.

      The letter further reveals that the Secretary of the Trust had admitted that as of now, Rs 1,600 crore are still lying with DHFL.

      The Engineers’ Association has alleged that transferring employees funds into the account of a private firm seemed to be a gross violation of norms.

      https://theenglishpost.com/yogi-govt...be-dhfl-links/
      Last edited November 3 2019, 06:06 AM.

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      • #23

        #23

        Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

        NCR-based real estate group admits Rs 3,000-crore black money after I-T raids

        Though the Central Board of Direct Taxes (CBDT) did not identify the firm, officials sources claimed it to be the Oriental India Group.

        Dec 02, 2019, 08.58 PM IST
        NEW DELHI: An undisclosed income of over Rs 3,000 crore has been "admitted" by a NCR-based real estate group after the Income Tax department raided it recently, the CBDT said in a statement on Monday.

        Though the Central Board of Direct Taxes (CBDT) did not identify the firm, officials sources claimed it to be the Oriental India Group.


        Last week, searches and surveys were conducted at over 25 premises of the group that has interests in infrastructure, mining and real estate, according to the statement.

        "Cash ledgers containing details of unaccounted cash receipts of more than Rs 250 crore have also been found and seized. The group also did not pay taxes on several property transactions.

        "Unaccounted assets of Rs 3.75 crore have been seized. The group has admitted undisclosed income of more than Rs 3,000 crore and agreed to pay tax on the same," the statement said.

        The CBDT frames policy for the I-T department.

        The statement said 32 bank lockers have also been sealed after the raids.

        https://m.economictimes.com/news/pol...mpression=true

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        • #24

          #24

          Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

          ED attaches Ceejay House & 6 other properties in Iqbal Mirchi case

          • DHFL is currently undergoing bankruptcy resolution under Insolvency and Bankruptcy Code (IBC)
          • Sunblink Real Estate had negotiated a deal with Mirchi with the help of a middleman Ranjit Bindra

          MUMBAI : The Enforcement Directorate (ED) on Wednesday provisionally attached two floors of Ceejay House and six other residential and commercial properties with market value of ₹600 crore, said ED in a press statement. The case is of alleged money laundering, amassing huge wealth and some of the proceeds being used for terror financing.

          The properties have been attached after links has been traced back to the deceased former aide of Dawood Ibrahim - Memon Iqbal Mohammed or Iqbal Mirchi. An accused in the 1993 Mumbai serial blasts case, Mirchi was wanted by the Indian government on multiple charges of murder, extortion and drug traffic.

          These properties include 3 and 4 floor of Ceejay house , Worli, Mumbai, an office premise at Arun Chambers, Tardeo, Mumbai, three flats in Sahil Bungalow, Worli, Mumbai, three prime commercial shops in Crawford Market, Mumbai and Bungalows & Land (more than 5 acres) in Lonawala. The other properties include - Rabia Mansion, Marium Lodge and Sea View in the prime location of Worli, Mumbai, estimated to be worth ₹500 crore, these attachments includes links with a local builder Sunblink Real Estate, which had received funding from Dewan Housing Finance Corporation (DHFL).

          DHFL is currently undergoing bankruptcy resolution under Insolvency and Bankruptcy Code (IBC).

          "These properties were acquired by Iqbal Mirchi in the name of his family members and relatives," said ED.

          The attachment comes after ED filed a 12000 page chargesheet in the case against 16 individuals including late Iqbal Mirchi, his sons Asif Memon and Junaid Memon, his wife Hazra Memon, Director of Sunblink Real Estate Sunny Bhatija, broker Ranjeet Singh Bindra and Dheeraj Wadhawan director of Sunblink and a non-executive director of DHFL.

          What are the links?

          Mirchi was the owner of various properties in and around Mumbai. His wife Hazra Menon owned 14,000 Sq. Ft area of 3rd and 4th floor of Ceejay House with an estimated value of ₹85 crore. Located at the posh neighborhood of Worli in south Mumbai, the Ceejay Jouse is a 300,000 sqft building currently hosting a large global financial institutions such as Barclays PLC, Credit Suisse Group AG and Nomura Financial Advisory and Securities. While India's Tata Motors and Jaguar Land Rover continue to operate their showrooms out of the building, some of its earlier tenants included Lehman Brothers and Societe Generalli.

          The two floors back in 1970 belonged to AK Mohammad who was illegally occupying a portion of it. Iqbal Mirchi entered into an agreement with M K Mohammed for acquiring the rights in the property in the name of his wife Hazra Memon for ₹9 Lakh and the agreement was executed in 1986.

          "Though payments of only ₹20,000 was made in 1986, the possession of the property was taken by Iqbal Memon in 1986 itself and he started running a discotheque by the name of ‘Fisherman’s Wharf"," said ED in its press statement.

          This property was later redeveloped by Millennium Developer Pvt Limited in 2007 and Mirchi was given 14000 Sqft on 3rd and 4th Floor of Newly constructed Ceejay House in Worli Area in the name of his wife Hajra Memon and sons. Millenium Developers is owned by senior National Congress Party leader and former union aviation minister Praful Patel.

          The same modus operandi of acquiring properties in the names of relatives was used in the other six properties to hide the criminal origin of the funds, ED found in its probe.

          Investigation also revealed that Sunblink Real Estate had paid a total amount of ₹111.80 crores to various persons/entities(including Mirchi) in India in relation to purchase of development rights of these properties in addition to ₹154 Crore paid to Iqbal Mirchi in Dubai.

          "From the proceeds received in Dubai, Iqbal Memon purchased a Hotel namely Midwest Apartment in Dubai for AED 93 Million. Investigation under PMLA revealed that the ownership of these properties is still with Sir Yusuf Mohammed Trust who acted in active collusion with Mirchi and was proxy owner on behalf of Mirchi," ED said.

          Sunblink Real Estate had negotiated a deal with Mirchi with the help of a middleman Ranjit Bindra. The little-known Sunblink was funded by Dewan Housing Finance through a loan of ₹2,186 crore. ED is presently ascertain the nature of the funding.


          https://www.livemint.com/companies/n...mpression=true

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          • #25

            #25

            Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

            Mumbai: 'As retainer in HDIL, Wadhawan's wife got Rs 70 lakh per month'

            The ED questioned her about the source of funds for the purchase of a bungalow in Bandra along with flats in Golf Links Building, and bungalows in Alibaug and Vasai.

            MUMBAI: Anu Wadhawan, wife of Sarang aka Sunny Wadhawan, was being paid Rs 70 lakh a month as a retainer in one of the HDIL Group companies, according to chargesheet submitted in court by the Enforcement Directorate (ED) in the PMC Bank scam.

            The ED questioned her about the source of funds for the purchase of a bungalow in Bandra along with flats in Golf Links Building, and bungalows in Alibaug and Vasai. She told the ED she was not aware about the source of funds used for purchase of these properties.

            She told officials she did not hold the post of director in any of the HDIL group companies and worked as a retainer in Privilege Industries Ltd. She joined the company in 2016. Sunny and his father Rakesh were directors in the company.

            The ED recorded her statement in a money laundering case they are probing against the Wadhawans in the Punjab and Maharashtra Cooperative (PMC) Bank fraud. She told officials she was not involved in her husband’s business activities.

            The ED has arrested her husband and his father Rakesh Wadhawan in the case. Earlier, the ED had seized jewellery worth Rs 60 crore, including a diamond ring worth Rs 15 crore, that she had kept with her relative to avoid its attachment.

            Rakesh Wadhawan, in his statement, admitted the PMC was evergreening the account and it disbursed a fresh loan to him in August 2019, a month before the registration of the fraud case.

            https://realty.economictimes.indiati...month/73050755

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            • #26

              #26

              Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

              ED finds software in DHFL system used to create fake accounts for money laundering

              ED's investigating team discovered that software was installed in the main operating systems of DHFL and was used to create fake folio numbers and accounts, where the siphoned money was equally distributed.


              In a major breakthrough, the Enforcement Directorate (ED) has found the software used by the Wadhawans to launder Rs 12,773 crore from the DHFL.

              While investigating suspicious property deals related to late underworld gangster Iqbal Mirchi, the agency also found out that DHFL promoters Kapil and Dheeraj Wadhawan created shell companies to divert money from the NBFC.

              ED's investigating team discovered that software was installed in the main operating systems of DHFL and was used to create fake folio numbers and accounts, where the siphoned money was equally distributed. The total amount in these dummy accounts is almost close to Rs 12,800 crore.

              It is worth mentioning that the software used by the Wadhawans helped them create fake borrowers, folio numbers and profiles. These were used as accounts used for laundering money from DHFL...

              The software was specifically created for the purpose of hiding fake loans or the amount laundered through the NBFC from RBI and other agencies. This indicates that DHFL's promoters were directly involved in laundering money.

              The fake loan profiles or accounts created by the software are mainly residents of the slums as DHFL provided loans to SRA projects as well.

              These documents and profiles were misused by DHFL promoters; the real people had no idea about the loans.

              Other than slums, the software has also made use of a list from government staff quarters, and listed staffers as debtors of DHFL in the system. Hundreds of crores were laundered in their name without their knowledge.

              The software would distribute loan amounts in a pattern. For instance, if Rs 1 crore was to be distributed equally then the software would create say 10 such fake accounts and distribute unanimously from Rs 10 lakh to Rs 25 lakh.

              The investigative agency got access to the software after the arrest of Kapil Wadhawan, chairman of DHFL. The agency had mentioned that they have secured digital evidence in their remand appeal earlier.

              Kapil Wadhawan is in judicial custody of the Enforcement Directorate till February 18.
              ...
              DHFL owes over Rs one lakh crore to multiple financial institutions, including a Rs 40,000 crore exposure to banks. Enforcement Directorate has found Rs 12,773 crores laundered by DHFL and another Rs 20,000 crore is untraceable as per KPMG forensic audit report.


              https://www.indiatoday.in/amp/india/...343-2020-02-11
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              Last edited February 13 2020, 06:45 AM.

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              • #27

                #27

                Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                IT department identifies 2,000 Indians who failed to declare overseas properties in tax returns

                In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.


                The Income Tax department's Criminal Investigation wing has identified 2,000 Indian citizens who hold properties in Dubai but had failed to declare it in their IT returns.

                In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.

                In the past few years, people have used shell companies to route illegal money and buy overseas properties to evade income tax.

                However, the tax department has now increased its efforts to track down those involved in major tax evasion cases.

                The 2,000 persons and companies identified mainly include businessmen, top professionals, and government officials.

                The IT department will initiate action against the accused under the Black Money Act.

                Citizens who own properties outside the country but fail to declare the source of funds or income used for the purchase could be prosecuted under the Black Money Act.

                Under Section FA (Foreign Assets) of the Income Tax Act, an individual has to declare purchase and ownership of properties, assets, companies owned outside the country while filing the income tax returns annually.

                In the recent drive against black money, the IT department identified 2,000 Indian nationals who failed to provide information on the same while filing IT returns.

                Of the 2,000 citizens owning properties in Dubai, around 600 could not furnish details regarding purchase details. Those who haven't been able to explain the source of funds used for the purchase of properties could be prosecuted and their properties can be attached by the agency.

                Other than the attachment of the property, they can face a monetary penalty up to 300 per cent of the property value and also face imprisonment under the Black Money Act.

                The properties owned by Indians in Dubai raised red flags as this pattern of parking money is used by money launderers, smugglers, underworld gangsters and drug traffickers for making payments.

                It is worth mentioning that of the 2,000 citizens identified, most are residing in Mumbai, followed by Kerala and Gujarat.

                The clause under section FA (foreign Assets) came into effect in the year 2011-12 and it is mandatory for people owning properties outside India to declare it in their IT returns.

                Those identified by IT department could also face action under FEMA (Foreign Exchange Management Act) by the Enforcement Directorate under Section 4.

                Recently the Enforcement Directorate (ED) launched a crackdown on black money parked overseas by tracking and identifying immovable assets bought overseas by Indian nationals illegally.

                The move is being carried out under rules laid down under Section 4 of FEMA (Foregn Exchange Manipulation Act), 1999. Section 4 of FEMA states that no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.

                On January 17, the Enforcement Directorate (ED) conducted searches at the residence of a former chief engineer of Brihanmumbai Municipal Corporation (BMC) in connection with an inquiry related to FEMA. In the raids, the ED officials recovered documents related to the purchase of a property in Dubai in an allegedly illegal manner.

                The ex-BMC chief engineer was posted with some of the most crucial wings of the municipal corporation -- the building proposal department and development plan department.

                The agency did not disclose the name of the ex-BMC chief engineer but it has been learnt that he had superannuated around seven years ago from the municipal corporation.

                ED, in a statement, said incriminating documents with regard to illegal acquisition of a property held in Dubai was recovered during the search operation.

                The former BMC chief engineer has stated that he had purchased the property in Dubai at 'Park Island, Bonaire Marsa, Dubai' for Rs 70 lakh in 2012. The property is held jointly in his name, his spouse and son.

                The retired BMC officials could not furnish any documents which would help ascertain the value of the property and also could not provide details on how the payments were made to buy the property in Dubai.

                The citizens identified by the IT department recently also adopted a similar route to buy property in Delhi. It remains to be seen how the income tax department plans to penalise them.


                https://www.indiatoday.in/amp/india/...763-2020-02-12


                Black money hurt, most people of Mumbai have illegal property in Dubai
                • Dubai is the best place for some people to consume black money
                • Income tax department will take action against the accused under the Black Money Act
                • Property may be confiscated if income tax department does not get correct answer
                The Income Tax Department's Criminal Investigation Cell has identified 2000 Indian citizens who have properties in Dubai. But he did not declare it in his IT return. The agency has taken this step under the ongoing campaign against black money. According to the information of the agency, some people bought properties abroad and transferred to shell companies in recent years. All this was done to keep the money earned wrongly and to save income tax.

                Government's campaign against black money

                The Income Tax Department has tightened up against those who steal tax extensively and spend black money abroad. Dubai remains the nearest and favorite place to spend black money.

                Many businessmen, top professionals and government officials are among the 2000 people and companies identified. Income tax department Will initiate action against the accused under the Black Money Act. People who have property abroad. But he did not declare it and those who failed to disclose the source of the money used to buy the property, would be prosecuted under the Black Money Act.

                According to the section FA (foreign assets) of the Income Tax Act, it is necessary to give information about the assets, resources and companies purchased outside the country while filing the annual IT returns. Out of 2000 people owning property in Dubai, about 600 did not provide any source of income or other relevant documents related to payment at the time of purchase.

                With the prosecution of such people, their property can be confiscated. Apart from this, penalty of up to 300% of the value of the property can be recovered from them. Also, imprisonment will also have to be suffered under the Black Money Act. Money launderers, smugglers, underworld gangsters and drug traffickers have also been used to buy property in Dubai.

                Most of mumbai people

                Mumbai has the highest number of 2000 people identified. After this comes the number of Kerala and Gujarat. Explain that Section FA (Foreign Property) was started in the year 2011-12. Since then, property purchased abroad IT return It is mandatory to declare in.

                The Enforcement Directorate (ED) will also take action against those identified by the Income Tax Department under the Foreign Exchange Management Act (FEMA). Recently, the ED has launched a campaign against those possessing black money abroad. Under this, identification of immovable properties purchased illegally by Indian citizens is being done. Under Section 4 of the FEMA Act, a citizen residing in India cannot hold nor transfer foreign currency, foreign securities or any immovable property outside India.

                It was revealed in the press of ED

                Please tell that on January 17 this year, ED had searched the house of former Chief Engineer of BMC in the case related to FEMA. During this search, ED officials linked to allegedly illegal property purchased in Dubai The papers Were confiscated. This former Chief Engineer was posted at important places like BMC's Building Proposal Department and Development Plan Department. The agency did not reveal the identity of the former chief engineer but it is being told that he retired from BMC about 7 years ago.

                The former chief engineer is said to have bought 89 square meters of property in Dubai's Park Island, Bonaire Marsa, in 2012 for Rs 70 lakh. But where did the money used to buy this property came from, the Chief Engineer could not give information about it.


                https://techkashif.com/black-money-h...erty-in-dubai/

                Last edited February 13 2020, 06:50 AM.

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                • #28

                  #28

                  Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                  Who reads your WhatsApp messages?

                  income tax officials!
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                  • #29

                    #29

                    Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                    I-T dept. seizes ₹1 cr. from city-based firm

                    The Income Tax department has seized ₹1 crore and detected unaccounted income of over ₹400 crore during searches conducted on a prominent business group based out of Chennai.

                    The group deals in non-ferrous metal processing — lead, copper and aluminium — apart from money-lending activities, and is said to have reported a turnover of more than ₹1,000 crore.

                    The I-T department did not disclose the name of the group.

                    The searches were conducted on February 25, according to a statement by Surabhi Ahluwalia, spokesperson of the Central Board of Direct Taxes (CBDT) and I-T Commissioner (Media and Technical Policy).

                    ‘Kacha’ accounts


                    The highlight of the search operation was the discovery of hidden cloud servers that were different from those regularly used by the group for accounting, containing unaccounted transaction details often referred to by the group as ‘kacha’ accounts, the statement said.

                    “Similarly, a large amount of encrypted data was retrieved from a pen drive which was tracked and obtained from a third-party premise. The pen drive and the database were decrypted to gather information about the unaccounted capital accumulated by the group,” the press statement said.

                    Evidence was also gathered regarding the introduction of unaccounted funds as bogus share premium in one of the companies belonging to the group, it added. A large number of property documents, promissory notes and post-dated cheques taken as collateral security in the money-lending business were recovered and seized during the searches, the department said.

                    The investigations are ongoing and the department is in the process of finalising the proceedings.

                    https://www.thehindu.com/news/cities...mpression=true

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                    Last edited March 2 2020, 02:10 PM.

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                    • #30

                      #30

                      Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                      yes bank
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                      Last edited March 16 2020, 04:19 AM.

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