New Delhi: The Income Tax Department on Saturday, without naming the actor, claimed that income tax searches at the premises of a “prominent actor in Mumbai” have unearthed tax evasion of over Rs 20 crore.
The reference is believed to be to the IT searches conducted at the premises of Sonu Sood and his associates last week.
Apart from accusing the actor of violating the Foreign Contribution Regulation Act while raising funds from abroad, the IT department also accused him of collecting Rs 19 crore through his charity foundation, but spending only Rs 2 crore from the fund. Did it
Raids were conducted in Mumbai, Kanpur, Lucknow, Delhi, Gurugram and Jaipur and the documents seized revealed that the actor had invested in real estate ventures with an infrastructure company in Lucknow. The department claimed that the infrastructure company in which tax evasion of Rs 65 crore was detected was also searched. It also claimed that the actor’s charity foundation received Rs 2.1 crore from foreign donors on the crowdfunding platform in violation of FCRA norms.
It claims that the actor has also been found to be involved with a Lucknow-based infrastructure firm, which is involved in large-scale money laundering, where “suspicious circular transactions” worth Rs 175 crore have been detected.
“The main methodology adopted by the actor was to route his unaccounted income from bogus entities in the form of bogus unsecured loans. The investigation has revealed the use of 20 such entries whose providers have sworn to investigate. Fake entities. gave residence entries. They have accepted issuance of checks in lieu of cash,” the IT officials said.
The department said the actor hid his professional receipts as loans and evaded tax. Fake loans were then used to acquire properties. It said the total tax evasion is estimated to be Rs 20 crore. Cash worth Rs 1.8 crore has been seized and 11 lockers have been placed under prohibitory orders. The search operation is still on.