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2 Lakh Crore Black Money Declared By Mumbai Family Under Investigation: Govt


4 Oct 2014
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MUMBAI: A Mumbai family's declaration of Rs. 2 lakh crore income has been rejected and investigations in the matter are on, the Union Finance Ministry has said. The ministry said the declaration was rejected as it was "suspicious in nature, being filed by persons of small means".

The family of four -- Abdul Razzaque Mohammed Sayed, his son Mohammed Aarif Abdul Razzaque Sayed, wife Rukhsana Abdul Razzaque Sayed and sister Noorjahan Mohammed Sayed, are residents of Bandra.

The declaration of Sayeeds is thrice the amount of Rs. 65,250 crore received under the Income Disclosure Scheme, formed to flush out black money. The scheme, which closed on September 30, provides immunity to those who declare hidden income and pay 45 per cent of the declared amount as tax, surcharge and penalty.

In this context, the ministry also mentioned the case of Mahesh Shah, the Ahmedabad-based businessman, who had gone missing last month after declaring black money worth over Rs. 13,000 crore. His declaration has also been rejected, the government said.

A low-profile real estate dealer, Mr Shah had sprung a surprise in September, disclosing Rs. 13,860 crore of unaccounted money under the same scheme.

Mr Shah, who has since surfaced, told income tax officials that the money belonged to many people, including politicians, bureaucrats and builders. After being questioned for nearly seven hours today, the 67-year-old was allowed to leave on health grounds. He will be questioned again tomorrow.

Regarding the Sayeeds, the ministry said three out of the four PAN numbers were originally from Ajmer. These were migrated to Mumbai in September 2016, where the declarations were filed.

Rs 2 Lakh Crore Black Money Declared By Mumbai Family Under Investigation: Government - NDTV.com
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