Income tax authorities revealed that the account holder was a cab driver and could not explain the sources of the cash deposits.
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Continuing its crackdown against unaccounted income and black money hoarders, sleuths of the Income Tax department on Thursday found one of the dormant accounts where unaccounted cash to the tune of Rs 7 crore was deposited post the demonetisation announcement made by Prime Minister Narendra Modi.
1. What is more interesting is that investigation by income tax authorities revealed that the account holder was a cab driver and could not explain the sources of the cash deposits.
2. On further examination of CCTV footage of the bank, it was found that the cash deposits were done by two of the accomplices of the cab driver.
3. The income tax department of Hyderabad, however, tracked down the movements and caught the two people and questioned them about the cash deposits and purchase of gold.
4. On being interrogated, the cab driver agreed to pay the taxes under the Prime Minister Gareeb Kalyan Yojana (PMGKY) scheme.
5. In another case, the department seized Rs 29.5 lakh cash (out of which Rs 17 lakh is in new denomination) from one person in in Hyderabad, identified as Manoranjan Das. Das is a native of Balasore in Odisha.
6. Moreover, search operations were also conducted at different locations in Bhubaneswar and Kolkata on Sirajuddin and Company (a mining contract and export company) on the orders of the Hyderabad DG Income Tax.
7. Officials are continuously monitoring bank transactions over Rs 2.5 lakh while also monitoring the sale and purchase of Gold in Andhra Pradesh, Telangana and Odisha.
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