Rs.5 crore, jewellery seized following extensive searches over three days
The Intelligence and Criminal Investigation Unit of the Income Tax Department has seized Rs.5 crore in cash, jewellery and sealed 11 bank lockers, believed to belong to liquor baron and multiplex businessman ‘Ponty' Chadha, during the search operations conducted in Delhi and Uttar Pradesh over the past three days.
The unit carried out searches at nearly 20 places, including the 13-acre farmhouse-cum-residence of Mr. Chadha at Chhatarpur in the capital. During the exercise that began on Wednesday, sources said, the I-T sleuths also seized computer data storage devices. Documents pertaining to financial transactions running into thousands of pages have been seized for scrutiny, which may take over a month.
At the residence of Mr. Chadha's son-in-law at New Friends Colony here, two bags suspected to contain important papers were seized.
The intelligence unit is investigating a suspected “round-tripping” of Rs.38 crore allegedly at the instance of Mr. Chadha via a bank account in the United Arab Emirates, through his son-in-law. It suspects that the money that was somehow deposited in the bank account was brought back and shown as equity raised in the UAE.
C.J. Singh of Wave Infratech on Thursday said the Chadha Group was extending full cooperation to the I-T officials. The companies were regular in their tax payments and were completing all formalities, he said.