Income Tax officials raid the homes of jewelers in 8 places in Chennai, recover Rs.90 crores in cash and Rs.29 crores jewellery


The department has been conducting regular raids since notes ban on Nov 8 Till December 6, cash and jewelry worth Rs. 120 crore (90+29=119)had been seized. The officials of the Income Tax department raided the homes of jewellers and sand miners in Chennai and recovered Rs. 90 crore in cash and 100 kg gold today. Raids have been conducted at eight places in the city, sources said.

Of the seized cash, Rs. 70 crore were in new notes, Rs. 20 crore in the banned old notes of Rs. 500 and Rs. 1,000, sources said.
Till December 6, cash and jewellery worth Rs. 130 crore had been seized and Rs. 2,000 crore of undisclosed wealth admitted by taxpayers, the department said.
The value of the gold seized today is Rs. 29 crore.

Further the investigating agencies, is stated have been examining the amounts deposited in the Bank Accounts worth Rs.11.55 lakh crores.

The amounts deposited without proper accounts and in benami names will attract the penal provisions of Benami Property Act.

 

FAKE HOME LOAN CASE – CBI COURT CONVICTS VIJAYA BANK OFFICIALS AND THE BUILDER AT BANGALORE


The CBI court has convicted 10 persons, including a city-based builder and three former senior officials of Vijaya Bank, in a fake home loan case, on Thursday.

 Builder KA Subramanya of SCT Builders and Developers, from Viman Nagar in Kaggadasapura, is the main accused in the case, and was found guilty of colluding with three bank officials – H Dinakar Shetty, former senior manager of HAL III Stage branch; K Ratnakar Shetty, former assistant manager of Vijayanagar branch; and PN Shivamurthy, assistant manager of HAL III Stage branch – to open fake savings accounts, and to create fake documents to sanction home loans to purchase residential apartments in one of Subramanya’s housing projects.

The anti-corruption branch of CBI was entrusted to probe the case in 2009, based on a complaint filed by the chief manager of Vijaya Bank’s HAL III Stage branch.

Subramanya and the bank officials opened 21 savings bank accounts in the name of employees of SCT builders and developers, in 2003. These proxy buyers were sanctioned loans from the bank but later Subramanya sold these flats to other buyers without even informing the bank.

This resulted in a loss of over Rs 1.81 crore (without interest) to the bank. The prosecution managed to successfully prove that the tainted bank officials were also part of the conspiracy as they sanctioned the loans on the bases of fake documents without any scrutiny.

The XLVII additional city civil & sessions judge and special judge for CBI cases, Bangalore Aswatha Narayana, sentenced the three tainted bank officials to five years’ imprisonment, and a fine of Rs 5 lakh.   The remaining seven were sentenced to five years’ imprisonment and imposed a penalty of Rs 10 lakh.

There are too many fake/bogus/misrepresented transactions in HOME LOANS.  Too many commercial establishments have availed or borrowed money in the name of HOME LOANS.  Many borrowers have leased out or rented out the premises for commercial purposes.  Home Loan borrowers have constructed commercial complexes with cheap interest rate home loans.

There is innumerable cases of false declaration, misrepresentation of facts, fake documents, irregularities, illegalities and TAX EVASION  in the HOME LOAN.