I-T launches prosecution against hawala suspect

LUDHIANA: In a rare case, the investigation wing of income tax department has launched a prosecution against a person from whom Rs 55 lakh cash was seized and was apprehended from Sarabha Nagar on September 10.
According to sources in the department, prosecution under Section 276-C and 277 of the Income Tax Act was launched by deputy director of income tax (investigation) Dr Rishi on October 26 in chief judicial magistrate (CJM), Ludhiana court, against the accused Kamal Kumar who is a native of Rajasthan but is living in Ludhiana for quite some time.
Sources also informed that action has been taken against the accused because he refused to divulge the information about the sender and recipient of the money and instead claimed that the money be longs to him and it was meant for purchasing a property .
But during the investigation accused was unable to ascertain the source of this money and even did not have a PAN card and he applied one after he was caught.
Meanwhile, the department has recently seized Rs 72 lakh cash from a person at Khanna. The accused, who is a resident of Moga runs a business of foreign exchange there and was not able to give satisfactory evidence about source of the money seized from him. The department is still investigating and most probably a prosecution will be launched in this case too.
Rs 72 lakh seized
The I-T department has recently seized Rs 72 lakh cash from a person at Khanna.The accused, who is a resident of Moga runs a business of foreign exchange there and was not able to give evidence about source of the money seized from him.