The department had conducted search on 23rd July, 2019 on premises in the three states across Delhi, Haryana, and Himachal Pradesh.
On Sunday, Income tax department found undisclosed foreign assets worth over Rs 200 crore and tax evasion of at least Rs 30 crore by a group.
The persons involved in the group had a significant political presence for decades and they were holding a responsible position in politics. These groups were generating a large amount of undisclosed income which was remained hidden for decades.
The search was conducted against Haryana Congress MLA Kuldeep Bishnoi, (son of former Chief Minister Bhajan Lal). Bishnoi is a Congress MLA from the Adampur constituency. Searches were conducted at his residence in Hisar also.
As per the evidences, during the search operation, undisclosed cash transactions of huge amounts in property, construction, etc were also detected.
Income tax department’s press release stated that “Black money generated in India through various means has been secreted abroad in the form of properties in the names of foreign trusts/companies located in tax havens”.
Such foreign holdings of the main persons have remained hidden for decades beneath complex multi – layered structures, located in different countries including BVI, Panama, UK, UAE & Jersey.
These structures have involved various front men and corporations across Continents. One of the persons covered during the search operation was trying to obtain citizenship of a Caribbean Island.
Under the Black Money Act, 2015, the group involved in “The detection of black money and foreign assets” may lead to criminal consequences. Apart from that the Income Tax Department will separately charge them under the Income Tax Act, 1961.