Bhopal: The Income Tax Department confiscated undisclosed assets of more than Rs 450 crores from Congress MLA Nilaya Daga. Nine lockers, Rs 8 crore cash and over 44 lakhs in foreign currency were also recovered from him according to information submitted to the Central Board of Direct Taxes (CBDT).
The I-T Department simultaneously raided around 20 premises owned by Daga in Betul, Satna and Maharashtra on February 18. The Betul MLA is a renowned businessman who owns a number of factories and a school.
After Daga's failure to explain the source of the cash, the assets were confiscated.
According to the Income Tax Department, the amount of 250 million was said to be received from the investment in the shares, but in the investigation, this amount was found by the companies operating on paper. These companies were located in Kolkata, the addresses given to these companies in the papers were not found on the spot.
The Daga family had made employees of their companies directors in shell companies. In these companies, a bogus loss of Rs 50 crore was shown in the name of the settlement. However, during the inquiry of the Income Tax Department, when these employees were questioned, they did not know that they are directors in a company. The investigation has revealed that the Congress MLA and his brother were doing fake transactions with 24 companies in Kolkata and transactions up to Rs 100 crore have been done from these companies.
Also read: Rs 7.5 cr cash recovered from Madhya Pradesh Cong MLA's factory
Dealing through hawala
Investigations have revealed that the companies whose prices were higher were bought at a lower price by the Daga family. The remaining amount was given through hawala, later the actual price was achieved by selling these shares and the difference between buy and sell was declared as profit. During the operation, the Income Tax Department seized a large number of documents, laptops, hard disks from the Daga family, which is under examination.
Largest cash seizure from Solapur residence
The income tax raided the house and offices of Daga and seized seven and a half crores in cash from the oil factory at Solapur in Maharashtra.
According to reports, the cash was loaded in sacks and bags and an employee was caught trying to escape with the money. This is the biggest cash seizure in the history of the Income Tax Department Bhopal, according to reports.
