INCOME TAX DEPARTMENT, SERIOUS FRAUD INVESTIGATION OFFICE, ENFORCEMENT DIRECTORATE AND ANTI MONEY LAUNDERING UNIT ARE EXAMINING FEW DEVELOPERS AND BUILDERS ALLEGED TO HAVE LINKS – A NEWS REPORT


A local news report highlighted the alleged tax evasion, illegal activities, prosecutable transactions, money laundering and BENAMI property acquisition and subsequent sale of the properties through this DEVELOPERS AND BUILDERS.

There are serious allegations around few hundred crores only against builders and developers along with a govinda jeweller- benami investment.

Three such names have appeared, but are (innocents and suspects) till they are convicted.

One such leading builder and developer, who has projects across India is associated with a relative of a famous politician and one such major project in Bangalore is marketed with much fanfare, but the buyers are not aware of the BACKGROUND of this Developer in North Bengaluru.

The other two are from a nearby state and any day or someday when LUCK runs out, will be a good SUBJECT for state enquiry and investigation either by CBI or ED or SFIO, ITO or DRI under various sections of the IPC.

Hope common sense prevails and buyers check the antecedents of all the concerned while buying properties.

 

THE FUGITIVE ECONOMIC OFFENDERS BILL – 2018 IS BEING DRAFTED TO CHECK THE BAD DEBTS AND TO RECOVER THE LOAN AMOUNT


The Central government may soon bring in the Fugitive Economic Offenders Bill, which proposes confiscation of assets of those who flee the country to evade prosecution or refuse to return, in cases involving more than ₹100 crore.

The proposed law assumes significance in view of the reports about major bank frauds.

A draft of the Fugitive Economic Offenders Bill, which is in consonance with similar legislation in several countries, was circulated in May last year seeking comments from all the stakeholders. The Bill was also cleared by the Union Law Ministry with certain recommendations on reconciliation of provisions with the existing laws.

The draft Bill followed an announcement in the Budget 2017-18 that the government planned to introduce a legal measure to facilitate confiscation of assets of the economic offenders who flee to foreign jurisdictions to escape the clutches of law.

The draft Bill defines a fugitive economic offender as an individual against whom an arrest warrant has been issued and who has either left the country or refuses to come back to face prosecution.

Enforcement Directorate is empowered to initiate action and recover the money

As proposed, the Enforcement Directorate would be empowered under the Prevention of Money Laundering Act (PMLA) to initiate the proceedings. It also has a provision enabling repayment of dues to creditors by disposing of confiscated assets, in case the accused offender continues to evade prosecution.

As listed in the draft Bill’s schedule, it will be applicable to various financial and allied offences as defined under the Indian Penal Code, Prevention of Corruption Act, Securities and Exchange Board of India Act, Customs Act, Companies Act, Limited Liability Partnership Act and the Insolvency and Bankruptcy Code.

 

Rs.17000 Crores Deposited in 58000 accounts and withdrawn post dmonetisation – investigation is on


The Ministry of Corporate Affairs has said that its investigation has found thousands of dubious banking transactions in the aftermath of note ban on November 8, 2016.

The Ministry of Corporate Affairs in a statement said that about Rs 17,000 crore was deposited in 58,000 accounts and withdrawn from the same and some of the bank accounts had a negative opening balance on November 8, 2016.

“Preliminary enquiry on the basis of information received from 56 banks in respect of 35,000 companies involving 58,000 accounts has revealed that an amount of over Rs 17,000 crore was deposited and withdrawn post demonetisation,” the statement read.

“In one case, a company which had a negative opening balance on 8th November, 2016, deposited and withdrew Rs 2,484 crore post-demonetisation,” it added.

On the basis of its investigation “around 2.24 lakh companies have been struck off till date for remaining inactive for a period of two years or more.” Following the massive drive to strike off the defaulting companies, restrictions have been imposed on operation of their bank accounts.

ACTION BY AGENCIES

These companies have been barred from “sale and transfer of moveable and immoveable properties”. The Centre has shared information about defaulting companies with the respective governments depending on the location of the firm.

Enforcement authorities including Central Board of Direct Taxes, Financial Intelligence Unit, Department of Financial Services and the Reserve Bank of India have also been advised to take further action based on the preliminary enquiry.

“The Prime Minister’s Office has constituted a Special Task Force under Joint Chairmanship of Revenue Secretary and Secretary, Corporate Affairs, to oversee the drive against such defaulting companies with the help of various enforcement agencies,” the statement issued by the Ministry of Corporate Affairs said.

“The Special Task Force has so far met five times and action has been initiated against several defaulting companies, which is expected to help in the drive against black money,” it added.