Press Esc to close
Saturday 30 May 2015
News updated at 2:58 AM IST
Weather
Max: 33°C
Min : 22.3°C
In Bengaluru
Sunny day

Sleuths target accounts used to siphon off money

NEW DELHI, DHNS: July 21, 2013

 The financial intelligence agencies are eyeing dummy bank accounts, numbering more than 50, that were opened to siphon off money overseas over a period of time.

The Income Tax (I-T) department has come across startling information that points out to the fact that in just four bank accounts Rs 300 crore was parked to move cash abroad through circuitous route raising suspicion of money laundering.

The accounts were held in a leading private bank’s branch based in the national capital and the withdrawals are suspected to have taken over a period of more than a year.

The Central Economic Intelligence Bureau (CEIB) is coordinating with the I-T department to ascertain the route monies took place to go abroad and the people behind it.

Interestingly, CEIB sources said that the firms that have these bank accounts are raising eyebrows given the fact that they did not have imports justifying accumulation of large volumes of cash.

There are about 50 dummy accounts where hundreds of crores have been parked to launder illegitimate earnings. The CEIB is also seeking the help of the I-T sleuth to do a complete profiling of account holders to trace where the money is going. One of the reasons for having such fake accounts is to under invoice import consignments, explained another source, as it helps them to dodge paying taxes to the government.

The exercise financial intelligence and investigation agencies are engaged with is in consonance with the emphasis the Finance Ministry is putting on the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) to increase the tax catchment area to bolster revenue collection.

Inaugurating the CBEC annual conference in the national capital on Wednesday, Finance Minister P Chidambaram had tasked tax sleuths to concentrate on first 100 excise payees and 12 lakh service tax assesses that have stopped filing returns.

As per the Finance Ministry data, top 100 clients account for over 80 per cent of excise duty collection, while service tax collection fetches one-third of the total direct taxes.


Go to Top

Photo Gallery
Bollywood actress Sonakshi Sinha poses next to the newly launched BMW 6 Series Gran Coupe...

Bollywood actress Sonakshi Sinha poses next to the newly launched BMW 6 Series Gran Coupe...

Foreigners dance during Millionaire Bhanwar Lal Doshi's Diksha ceremony for becoming a Jain monk...

Foreigners dance during Millionaire Bhanwar Lal Doshi's Diksha ceremony for becoming a Jain monk...

A man takes a nap inside a car on a hot summer day in Ahmadabad...

A man takes a nap inside a car on a hot summer day in Ahmadabad...

A shepherd going with sheep to the next village near Jaliya Village in Beawar, Rajasthan...

A shepherd going with sheep to the next village near Jaliya Village in Beawar, Rajasthan...

Monsoon clouds hover over the Mumbai skyline near Marine Drive sea-face side on Friday...

Monsoon clouds hover over the Mumbai skyline near Marine Drive sea-face side on Friday...

An Indian child plays in front of a water sprinkler to cool off on a hot summer day...

An Indian child plays in front of a water sprinkler to cool off on a hot summer day...

Martina Hingis of Switzerland returns the ball as she plays with Sania Mirza...

Martina Hingis of Switzerland returns the ball as she plays with Sania Mirza...

Police detain National Students' Union of India (NSUI) activists during a protest...

Police detain National Students' Union of India (NSUI) activists during a protest...

Waleed Iqbal of Pakistan (Grandson of Muhammad Iqbal)...

Waleed Iqbal of Pakistan (Grandson of Muhammad Iqbal)...

Chief Minister Siddaramaiah eating mango after inaugurating Mango Jackfruit festival...

Chief Minister Siddaramaiah eating mango after inaugurating Mango Jackfruit festival...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523