enforcement directorate

Stepping up its offensive against Indians whose names figured in secret LGT Bank accounts abroad, the Enforcement Directorate (ED) has approached the Income Tax department to provide it with I-T returns and other financial statements of these entities. The Directorate, across various cities including Delhi, Mumbai and Ahmedabad, has also recorded the statements of about 15 entities under the provisions of the Foreign Exchange Management Act (FEMA). Full Article

Enforcement Directorate questioned Sanjay Chandra, Unitech MD and an accused in the 2G spectrum allocation scam recently over investments made in a tax haven abroad.Chandra, who was recently released on bail in the case, has been questioned by ED twice regarding an investment by his firm worth about Rs 230 crore in the Isle of Man. Full Article

Hasan Ali Khan, arrested for alleged money laundering, has stashed $800 million in banks in countries like the U.S., Switzerland and Singapore and has links with officials of these banks, the Enforcement Directorate told the Bombay High Court on Monday. Justice A.M. Thipsay was hearing a bail application filed by Mr. Khan after a sessions court rejected his bail plea. The matter will be heard on July 26. Full Article

The High Level Committee constituted by Finance Minister Pranab Mukherjee, in its first meeting held today, decided to seek public comments on ways to unearth black money. The Committee, headed by CBDT Chairman Prakash Chandra, was set up last month to examine ways to strengthen laws to curb generation of black money in India, its illegal transfer abroad and its recovery. Full Article

The Income Tax department on Thursday expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets. 'Hasan Ali does not have enough assets to meet the tax liability,' an I-T department official said. Full Article

The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 billion to an unreported Swiss bank account. Along with the statement of Khan, the I-T department has also asked ED to part with a copy of the st.. Full Article

The Supreme Court today pulled up the ED for filing a charge sheet against Pune-based stud farm owner Hasan Ali Khan in a case of alleged money laundering without informing a high-level committee formed by the government to monitor probe in sensitive cases. Full Article

Holding that there was prima facie case, the Supreme Court on Friday issued notice to Sahara group chief Subrata Roy for initiating contempt proceedings against him for allegedly interfering with the investigation in the 2G spectrum case. The apex court also issued notices to two journalists, Upendra Rai and Subodh Jain, for allegedly threatening and blackmailing Enforcement Directorate’s Investigating Officer Rajeshwar Singh, who is probing the case. Full Article