Press Esc to close
Tuesday 16 September 2014
News updated at 6:42 PM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
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
MARS Orbiter Mission (MOM) at ISRO Centre, Peenya...

MARS Orbiter Mission (MOM) at ISRO Centre, Peenya...

A Kurdish Peshmerga fighter launches mortar shells towards Zummar, controlled by Islamic State...

A Kurdish Peshmerga fighter launches mortar shells towards Zummar, controlled by Islamic State...

Water pumps deplyoed to flush out water from a flooded locality in Srinagar ...

Water pumps deplyoed to flush out water from a flooded locality in Srinagar ...

Kashmiri flood victims look at camera as they wait in a line to receive relief material...

Kashmiri flood victims look at camera as they wait in a line to receive relief material...

Flood victims wade through receding flood waters in Srinagar...

Flood victims wade through receding flood waters in Srinagar...

Pranab Mukherjee being welcomed his Vietnamese counterpart Truong Tan Sang ...

Pranab Mukherjee being welcomed his Vietnamese counterpart Truong Tan Sang ...

Krajinovic  celebrates with team captain Bogdan Obradovic after his win over India's Yuki Bhambri...

Krajinovic celebrates with team captain Bogdan Obradovic after his win over India's Yuki Bhambri...

Arnold Schwarzenegger gives a friendly wrap around the shoulders of a policeman on his security...

Arnold Schwarzenegger gives a friendly wrap around the shoulders of a policeman on his security...

Priyanka Chopra at a press conference in Guwahati ...

Priyanka Chopra at a press conference in Guwahati ...

Arnold Schwarzenegger with actor Suriya at a gym in Chennai...

Arnold Schwarzenegger with actor Suriya at a gym in Chennai...

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