IT raided 82 premises, seized Rs 5.5 cr found link to one prominent person

By Gopal.T Feb. 18, 2020, 02:55 pm IST
IT raided 82 premises, seized Rs 5.5 cr found link to one prominent person

The Income Tax Department officials were busy in the last week conducting raids and searches on various persons, some of them having close connections with the TDP. The searches were held in almost a dozen cities all over the country.

The IT officials have searched 82 premises in Mumbai, Pune, Goa, Delhi, Agra, Hyderabad, Vijayawada, Visakhapatnam and Erode. The officials have seized unclaimed cash of Rs 4.19 crore and jewelry worth of Rs 3.2 crore in one raid and Rs 85 lakh cash and Rs 71 lakh worth gold in another raid. In all, they have sealed 25 bank lockers for further investigation.
One of these raids, where they found dairies, loose papers, rough note books, WhatsApp messages, emails and unexplained foreign transactions besides a link to the cash payment of Rs 150 crore to a prominent person in AP.

The IT sleuths have, during these initial searches found that the transactions were unofficial or done through several bogus or shell companies. Hawala dealers and lobbyists were also noticed and several companies to which payment of money was noted in dairies or note books were either non-existent or shell companies.More shocking is that the officials during the raids found that the financial transactions were mostly made from the IP address of main corporate offices owned by three major infrastructure contractors in Andhra Pradesh.

What is more intriguing is that the money transaction were executed by the hawala agents who created records of sending money from India to various countries and then getting back to AP in the form of Foreign Direct Investments (FDI).
Several shell or bogus companies were floated to avoid regular maintenance of records as the companies having less than Rs 2 crore turnover are exempted. This exemption given to the small companies was thus misused by these three major infrastructure companies and in return, they have paid Rs 150 crore cash to a prominent person during this period.
So folks, it is not just Rs 2,000 crore hawala or Rs 85 lakh cash that was found during these raids by the IT officials. It is much more and the links are being established. Perhaps, it is for this reason, the TDP leaders are making hue and cry.

Perhaps this was what the TDP chief had predicted after he pulled his party out of alliance with the BJP in 2018. It must be for this reason, he made an appeal to the people to protect him from being arrested and it must be for this reason, he had issued orders closing the doors for CBI during those days.

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