Armed with hundreds of documents on financial dealings found in possession of Energy Minister D.K. Shivakumar and his associates over the last three days, Income Tax officials are learnt to have on Friday started confronting the minister seeking explanation over his assets and investments in several businesses in India and abroad.
A new team of senior IT sleuths took over from multiple teams conducting search and seizure operations at the minister's Sadashivanagar residence on Friday evening, sources said, adding that questioning of the minister had continued. Sources said that documents recovered from various locations, cash and financial transactions are being tallied and Mr. Shivakumar is being asked to provide explanation.
Not just those recovered at his residences in Sadashivanagar and Safdarjung Road, Delhi, but other documents that the IT sleuths recovered from 64 locations have been brought to his Sadashivanagar residence. Sources said that the minister's statement will be recorded after the search is completed, which is expected to spill over to Saturday.
Sources said that the minister was being confronted with documents and financial transactions unearthed in correlation with the minister’s 2013 election affidavit and the IT returns he filed over the past four years since 2013. Incidentally, Mr. Shivakumar had declared assets worth 251.5 crore – 60.34 crore movable and 191.16 crore immovable assets, along with 105.23 crore liabilities, in his affidavit before the Election Commission of India, when he successfully contested for Karnataka Assembly in 2013.
IT sources said that the cash recovered during the raids over the past three days had shot up to over 12 crore. While Rs. 8 crore was recovered from the minister's Safdarjung Road residence in Delhi, the ramaining cash was recovered from several other locations. There was no clarity over any cash was recovered from the premises belonging to the minister.
Meanwhile, multiple sources confirmed that Enforcement Directorate (ED) was yet to be roped into the investigation against the minister. Documents seized are being verified for grounds for prosecution under Prevention of Money Laundering Act or Foreign Exchange Management Act (FEMA), which if found will be intimated to Enforcement Directorate (ED). Information sharing between IT and ED will only happen after the conclusion of the raids, IT sources said. However, ED registering a case is not being ruled out.
