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IT Department finds unaccounted Rs 55 crore during raids on ex-fund manager
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IANS | 05 Aug, 2022
The
Income Tax Department on Friday said that they carried out a search and
seizure operation recently on an ex-fund manager and chief trader of
equities of a prominent mutual fund house, along with related
sharebrokers, middlemen, and entry operators.
The search
action, on July 28, covered more than 25 premises, spread across
Mumbai, Ahmedabad, Vadodara, Bhuj, and Kolkata and incriminating
evidence in the form of documents and digital data were seized, an IT
Department official said.
"It has been detected that the said
fund manager and chief trader were sharing specific trade related
information with brokers and persons located in certain foreign
jurisdictions," the official said.
These persons in turn, used
such information for illicit gains in the share market by trading in
such scrips either in their own account or account of their clients.
These
persons, including family members of the fund manager, have admitted in
their statements that the unaccounted cash generated from the above
operations was routed mainly through Kolkata-based shell entities into
their bank accounts.
From these bank accounts, funds have been
further diverted into the bank accounts of entities incorporated in
India and other low tax jurisdictions.
The gleaning of seized
evidences has exposed the nexus between the ex-fund manager, middlemen,
share brokers, and entry operators.
Evidences of large-scale
unaccounted investment in cash loans, fixed deposits, immovable
properties and their renovation, etc have also been found and seized.
More than 20 lockers have been put under restraint.
So far, unaccounted deposits exceeding Rs 55 crore have been seized.
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