India is emerging as a Top notch country in Corruption Hawala deals and fronts of Politicians.
So far as my knowledge goes, the highest money seized by the Income tax department from individual in India is Rs 34 Crore from commodity trader Stockguru during a raid. The company had got the money from people under trading schemes promising high returns.
Seems there is a much bigger scam than Telgi,2G, CWG,and ISRO Antrix Devas scams combined!
“The I- T sleuths also discovered that the company had an undisclosed income of ` 105 crore that is liable to be taxed.
Other than this, they seized ` 10 crore from two hawala operators during raids over the past two days, bringing the total amount recovered to ` 44 crore. This is the largest cash haul by the Income Tax department ( ITD), the Central Board of Direct Taxes ( CBDT) said in a statement.
Stockguru had sought investments in commodity trading schemes by promising returns as high as 25 per cent, said IT sources. Lokeshwar Dev is the chairman and managing director of the trading company that is now under the IT glare.
StockguruIndia website states that the company has established itself as financial consultancy and claims that it is known for its expert advice for making investors’ money grow at a faster pace.(strategyindia)”
This is now eclipsed by a Commodity trader again , from a place near Coimbatore Tamil Nadu from whom the IT department seized Five Billion Dollars worth US Bonds(Rs 28, 000 crore).
The man Ramalingam on Times now clipping states that he was palling a Crude Oil industry and has invesed between one and one and a half Lakhs!
He also disclosed that the project is worth 28 Billion USD!
“COIMBATORE/NEW DELHI: After it seized US government bonds worth Rs 28,000 crore (USD five billion) from a Tamil Nadu businessman, Income Taxdepartment has decided to approach American authorities to get validated the authenticity of these securities.
The huge quantity of the US treasury bonds were recovered by the tax sleuths on New Year’s eve during a raid of the premises of the businessman in Tamil Nadu. The businessman also happens to be acommodity broker.
These bonds will also be sent to the tax department’s forensic laboratory in Mumbai to ascertain their “genuineness”, I-T department sources said today.
The tax department’s investigation wing in Chennai has approached the Central Board of Direct Taxes (CBDT) in Delhi for issuing a formal request to get the seized bonds validated from the Internal Revenue Service (IRS) Department of the US, the sources said.
Individuals are not allowed to hold foreign securities worth such a large amount and the total amount seized in this haul represents nearly one-tenth of the total US treasury holding of the Indian government.
The Indian government’s total holding of US treasury bonds is estimated at over USD 50 billion, while individuals are not allowed to hold foreign securities worth more than a few lakhs of rupees. The holding of even institutional investors are capped at USD one billion.
Obvious that he is a front.”