In the first ever attachment for an offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, the Enforcement Directorate has attached assets worth ₹21 crore belonging to defence dealer Sanjay Bhandari, his wife and several companies associated with him.
Mr. Bhandari slipped out of the country after the Delhi Police registered a case against him under the Official Secrets Act in October 2016, after confidential defence papers were allegedly seized from his premises. It is suspected that he fled the country via Nepal.
The Income Tax Department launched a probe against him and subsequently, the agency booked him under the Black Money Act. He is currently said to be in the United Kingdom. Based on the Income Tax Department’s action, the Enforcement Directorate has also initiated money laundering investigations against Mr. Bhandari.
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“The investigation revealed that Mr. Bhandari had acquired assets worth more than Rs.150 crore outside India, which were not declared for taxation purposes before the Income Tax authorities. Provisions of the Prevention of Money Laundering Act allow attachment of properties in India, equivalent to the undisclosed assets abroad,” said a senior ED official. It is alleged that the assets in question were acquired in Dubai and London.
The assets attached by the ED include commercial properties in South Delhi’s Panchsheel Shopping Complex in Panchsheel Park, a residential property in Vasant Vihar and another residential property in Gurugram’s South City-1, besides jewellery and bank deposits.
The I-T Department had earlier issued an order restraining the accused from disposing of his overseas assets. The agency has identified over half-a-dozen properties and a dozen bank accounts and lockers purportedly associated with him.
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