Taking steps against cash abroad; Fixed charges against 5 traders

The Income Tax Department (I-T) has charged five people in the British Virgin Islands (BVI) in the Caribbean tax haven, alleging illegal foreign assets worth Rs. 5000 crores. Investigation in more cases

According to tax department sources, these individuals are from gold and diamond export business and India also has strong business operations.

The total foreign wealth made by him was Rs. 5000 crores.

These are among 612 Indian residents, whose list was exposed in 2013 by the International Consortium of Interactive Journalists (ICIJ). Consortium released information about funds in thousands of secret companies, trusts and offshore patrons.

According to tax officials, these are "established" cases where they had made offshore investments and secret financial transactions, but it was not reflected in their tax statements. These people are accused of possessing shares / possessions in unknown BII companies.

This is the first major step in the probe in the BBC listing where the IT department has got a significant amount of tax evasion by not disclosing its foreign assets. "We have got the material from various sources and it has been mixed with the profiles of individuals and their disclosure property in India and abroad. The documents which we have, have proved the existence of significant unaccounted foreign currency," One Senior I.T. officer said
So far, the tax department has done its initial investigation in 292 institutions, which are included in Mumbai. Of these, 151 cases were actionable and are still under investigation. According to sources, prosecution has been started in 15 cases and five of them will be heard in Mumbai special court. In addition, the investigation branch of the tax department has sent 19 cases to the evaluation wing. 19 accounts for illegal foreign funds of Rs 3,117 crore