In a recent development, substantial wealth has been unearthed from the residence and establishments of Dheeraj Sahu, a Congress Rajya Sabha MP. Just five days ago, simultaneous raids were conducted at nine locations in Jharkhand, Odisha, and West Bengal, resulting in a record-breaking haul of Rs 351 crore. This operation marks the highest cash seizure in a single operation by any agency to date.
The Income Tax Department suspects that the amassed wealth is linked to the cash sale of country liquor by Dheeraj Sahu and associated business groups, distributors, and other individuals. The department is currently recording statements from officers and employees present at the raided locations. The Income Tax Department is expected to issue summons soon for the main promoters of the company to record their statements. The exact amount of cash and other documents seized from Sahu's residence is yet to be disclosed.
This incident follows a similar case in 2019 when the GST Intelligence raided a businessman's house in Kanpur, resulting in the seizure of Rs 197 crore in cash and gold, making it the highest cash seizure at that time. Here are four other notable
cases of significant cash seizures in recent years:
Kanpur, Uttar Pradesh (2021):
In 2021, Income Tax raids were conducted at the locations of perfume trader Piyush Jain in Kanpur and Kannauj, Uttar Pradesh, leading to the seizure of Rs 207 crore (Rs 196.54 crore in cash and 23 kilograms of gold). Jain was later arrested, and he has filed an application claiming innocence.
Jalna, Maharashtra (August 2022):
In August 2022, the Income Tax Department raided a steel, textile, and real estate developer in Jalna, Maharashtra, resulting in the discovery of approximately Rs 390 crore in unaccounted assets. The seized assets included Rs 58 crore in cash, 32 kilograms of gold, and various property documents.
Tamil Nadu (2018):
In 2018, the Income Tax Department conducted raids at the premises of a road construction company in Tamil Nadu, leading to the seizure of Rs 163 crore in cash and 100 kilograms of gold.
West Bengal (Trinamool Congress Minister, 2022):
Former minister Partha Chatterjee and his associate Arpita Mukherjee faced raids by the Prevention of Corruption Bureau in West Bengal, resulting in the seizure of Rs 49.80 crore in cash, along with properties, jewelry, and gold bars found in Mukherjee's apartment.
Implications and Legal Consequences:
The discovery of significant cash holdings raises questions about the legitimacy of such wealth. In cases where large sums of cash are found during Income Tax raids, individuals are required to provide a legitimate source for the money. Failure to do so could lead to penalties of up to 137% of the undisclosed amount.
Experts suggest that if the source of the cash can be proven to be legitimate, up to 60% of the seized amount may be returned after deducting applicable taxes. However, failure to establish a legal source could result in legal proceedings and the forfeiture of the entire amount.
The seized funds from Dheeraj Sahu's residence are likely to be placed in a bank's safe custody, and the Income Tax Department will issue a notice detailing the seized cash and other assets. Sahu will be required to provide a detailed explanation of the source of the funds within a specified time frame.
In conclusion, the recent raids at Dheeraj Sahu's premises highlight the ongoing efforts of government agencies to curb black money and illegal financial activities. The legal proceedings that follow will determine the legitimacy of the seized wealth and whether Sahu can provide a lawful source for the substantial cash holdings discovered.
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