J&K black money racket busted

Striking twice within a month, the income tax department has recovered unaccounted money as well as jewellery, and narrowed in on concealed financial transactions in the Kashmir Valley on Friday.

This assumes significance in the run up to the Lok Sabha polls, especially after the Pulwama terror attack.

While one operation was against a “prominent” trader who “apparently used” proxies to conduct large cross-LOC trade, the other was against a property dealer, who allegedly facilitated cash for undesirable activities.

The department seized undisclosed cash worth Rs 1.44 crore and unaccounted jewellery of ~2.48 crore from five locations in the Valley. The evidence collected points to undisclosed property transactions of more than ~41 crore, and concealed financial transactions of nearly ~17 crore, the Central Board of Direct Taxes (CBDT) said in a press release.

“These actions are part of the department’s continued drive against use of black money by disruptive elements in the state (J&K). The operations also send a message of deterrence and obviation to those intending to vitiate the democratic process of free and fair elections,” it said.

In the first case, the CBDT found documents of transactions in the names of proxies. With regard to the second person, tax was evaded in a property transaction of above ~4 crore.