Black money: CBI gets names of LGT bank account holders
November, 25th 2011
The CBDT has provided to CBI for possible action the names of those individuals
whose names have figured in the LGT Bank accounts for stashing illegal funds
abroad.
Details of a total of 18 individuals have been shared with the CBI by the
Central Board of Direct Taxes (CBDT) after the Income Tax department initiated
prosecution in these cases for concealment of income in their returns filed with
the department.
"The CBI will probe if these account holders and their transactions of funds
have connection with illegal financing, terrorism related funds or black money
with overseas ramifications," a top I-T official said.
The CBI, according to sources, can issue notice to these individuals for want of
additional information and submission of documents during the probe.
The activities of these accounts have been found in Delhi, Mumbai, Gujarat and a
few southern states and the CBI will also check its database before launching
possible prosecution in these cases, they said.
The government has imposed a penalty of Rs 24.66 crore on 18 individuals who
have bank accounts with Liechtenstein's LGT Bank on the basis of information
provided by German authorities.
November, 25th 2011
The CBDT has provided to CBI for possible action the names of those individuals
whose names have figured in the LGT Bank accounts for stashing illegal funds
abroad.
Details of a total of 18 individuals have been shared with the CBI by the
Central Board of Direct Taxes (CBDT) after the Income Tax department initiated
prosecution in these cases for concealment of income in their returns filed with
the department.
"The CBI will probe if these account holders and their transactions of funds
have connection with illegal financing, terrorism related funds or black money
with overseas ramifications," a top I-T official said.
The CBI, according to sources, can issue notice to these individuals for want of
additional information and submission of documents during the probe.
The activities of these accounts have been found in Delhi, Mumbai, Gujarat and a
few southern states and the CBI will also check its database before launching
possible prosecution in these cases, they said.
The government has imposed a penalty of Rs 24.66 crore on 18 individuals who
have bank accounts with Liechtenstein's LGT Bank on the basis of information
provided by German authorities.
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