Stashed foreign assets worth over Rs 200 crore have been detected after the Income Tax department conducted raids against Haryana Congress leader Kuldeep Bishnoi and his family, the CBDT said on Sunday.
The department had searched 13 premises linked to Bishnoi in Haryana, Delhi and Himachal Pradesh on July 23.
"The group, controlled by persons who have a significant political presence in a neighbouring state for decades and are occupying responsible political positions has been generating large amounts of undisclosed income over several decades," the CBDT said in a statement issued here late night.
"Evidence detected so far reveals undisclosed cash dealings of huge amounts in immovable property transactions, construction among others," it added.
While the statement did not name anyone, official sources in the department said the case pertains to Bishnoi, son of former Haryana Chief Minister Bhajan Lal.
Bishnoi is a Congress MLA from the Adampur constituency in Haryana and the raids were conducted at this residence in Hisar too.
The Central Board of Direct Taxes is the controlling and policy-making authority for the tax department.
The statement said the I-T investigation has "successfully lifted the mask and has detected undisclosed foreign assets of the said persons of more than Rs 200 crore, apart from domestic tax evasion of more than Rs 30 crore which, may, inter-alia lead to severe criminal consequences under the Black Money Act, 2015, apart from action under the Income Tax Act, 1961".
It said the foreign holdings of the main persons have "remained hidden for decades" beneath complex multi-layered structures, located in countries like the British Virgin Islands, Panama, UK, UAE and Jersey.
"These structures have involved various front men and corporations across continents," the CBDT said.
It added that one of the persons covered during the search operation was trying to obtain citizenship of a Caribbean Island.
The black money generated in India, it said, through various means has been stashed abroad in the form of lavish properties in the names of foreign trusts and companies located in tax havens.
The CBDT said the latest findings may also have "multi-agency ramifications", indicating that these alleged evidence against Bishnoi could be shared with probe agencies like the Enforcement Directorate and others.
