Saturday, 18 November, 2017

Raids on Sasikala, Jaya TV unearth Rs1,430 cr 'black' money

IT raids on Sasikala family Tax evasion on income of ₹1,430 crore detected by officials Massive IT raids conducted on premises of VK Sasikala and her kin concluded on Monday
Conrad Doyle | 14 November, 2017, 13:40

Chennai, Nov.13: An unaccounted income of over Rs. 1400 crore has been unearthed during raids on former AIADMK general secretary V.K. Sasikala's family members and premises of Jaya TV in Chennai, Income Tax officials said on Monday.

A major part of property related documents were seized from the properties of Sasikala's nephew and Jaya TV CEO Vivek Jayaraman, his sister Krishna Priya and their auditor.

According to reports, more than Rs 7 crore in cash and jewellery worth over Rs 5 crore was seized during the searches. He said he had answered all queries that the tax officials asked him on Monday after their five-day search ended.

In Delhi, a senior I-T official said undisclosed income of around Rs 1,500 crore was detected during the multi-city searches that were carried out mostly in Tamil Nadu.

The searches were conducted in connection with unexplained routing of cash post-demonetisation through shell companies allegedly connected to Sasikala and her nephew T.T.V. Dinakaran, who heads one of the factions of the ruling AIADMK.

The searches at some premises continued for days.

Jazz cinemas is owned and operated by Vivek and other members of the family.

The present I-T raid is the longest in the history of raids in Tamil Nadu - usually, these raids last for about 2-3 days. As many as 15 bank lockers and diamond jewellery were kept under "prohibitory orders" under which access to them is denied, he added. The AIADMK's Karnataka unit leader Pugalendhi sought time to appear before us in response to our summons, " the official told The Hindu. The issue of shell companies was a separate matter, he said, but did not elaborate.

The official said that tax demand would be raised after analysing the documents and obtaining clarifications.

The Income Tax Department will look at the routing of funds within India whereas other agencies will look into the routing of money outside India, the official said.

A report from Udhagamandalam said I-T officials are continuing their searches for the fifth day in the Green Tea Estate in Nilgiri district.

Documents relating to the import of fleet of foreign cars were seized from the Chennai house of Sasikala's niece. The officials also found large-scale immovable assets during the operation. The official added that more people would be summoned as and when required to bring the raids to a logical conclusion.

"In the women's hostel of the college [belonging to Sasikala's brother Dhivaharan], we found six Rolex watches and are now referring to the watch models to get their estimated value".

Recommended

  • Feng Is First Chinese World Number One

    Feng Is First Chinese World Number One

    In 2012, Feng captured her only career major title when she earned a two-stroke win at the Wegmans LPGA Championship. I'm pretty happy with what's happened", an optimistic Jutanugarn said after the final round.
    Enforcement Directorate questions Tejashwi Yadav for nine hours

    Enforcement Directorate questions Tejashwi Yadav for nine hours

    However, the recent development received muted disagreement from a section of the party. Tejashwi, who is now being investigated for corruption, was removed as deputy CM.

    Royal Bank Of Canada Reiterates Rating On Salesforce.Com Inc (CRM)

    The last close places the company's stock about $0.37 off its 52 week high of $1.35 and $0.54 above the 52 week low of $0.44. Caterpillar Inc. (CAT) exchanged hands at an unexpectedly low level of 2.02 million shares over the course of the day.
  • Somaliland holds peaceful presidential election

    Somaliland holds peaceful presidential election

    The commission also shutdown all social media networks, an act which human rights organizations criticized. Incumbent Ahmed Mohamud Silaanyo is not seeking re-election.
    Indicator Focus on Shares of S&P China SPDR (GXC)

    Indicator Focus on Shares of S&P China SPDR (GXC)

    At the time of writing, SPDR S&P 500 High Dividend Portfolio ETF (SPYD) has a 14-day Commodity Channel Index (CCI) of 135.60. Taking a peek at some Moving Averages , the 200-day is at 216.39, the 50-day is 225.43, and the 7-day is sitting at 226.59.
    Bharti Airtel sells down Infratel stock for Rp33bn

    Bharti Airtel sells down Infratel stock for Rp33bn

    Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.498.05 as compared to the previous close of Rs. 501.8. At 1401 hours, the company's stock was trading at Rs 400.20 per piece down by Rs 11 or 2.65% on BSE.
  • Three of Dawood Ibrahim's Properties in Mumbai to be Auctioned Today

    Three of Dawood Ibrahim's Properties in Mumbai to be Auctioned Today

    The three Mumbai-based properties of underworld don Dawood Ibrahim has been auctioned for more than Rs 11 crore on Tuesday. However, past auctions of the gangster's properties drew a cold response from bidders, apparently due to "fear factor".
    Melbourne boy, 8, was hiding when found unconscious in hot auto

    Melbourne boy, 8, was hiding when found unconscious in hot auto

    Police said it was protocol to notify homicide squad detectives about the incident but it is not believed to be suspicious. Footage from the scene showed police examining a black people mover, parked in the street, which was later removed.
    Google Reveals Why Your Account Is Most Likely To Be Hacked

    Google Reveals Why Your Account Is Most Likely To Be Hacked

    To stay safe online, it's recommended to turn on two-factor authentication, or in Google's case, 2-Step Verification. More importantly, though, the main takeaway here is to never use the same password across multiple accounts.
  • Henry Cavill Says We'll Get 'The True Superman' In Justice League

    Henry Cavill Says We'll Get 'The True Superman' In Justice League

    For now, though, we'll get to see Affleck's potentially final time as Batman when Justice League hits theaters November 17, 2017 . Well, it likely will not come out within the next two years, though it is still said to be in early stages of production.

    Syngene International expands ongoing collaboration with Bristol-Myers Squibb

    Manufacturers Life The reported 904,298 shares stake. 1,837 were reported by Shine Inv Advisory Svcs. (NYSE:EFX) or 80 shares. It improved, as 45 investors sold RAI shares while 262 reduced holdings. 89 funds opened positions while 205 raised stakes.

    American Eagle Outfitters (AEO) EPS Estimated At $0.39

    The firm has a market capitalization of $2,475.15, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.41 and a beta of 1.10. The stock of American Eagle Outfitters (NYSE: AEO ) has "Hold" rating given on Monday, January 25 by BB&T Capital.

UN Atomic Watchdog Reiterates Iran Compliance With Nuclear Agreement UN Atomic Watchdog Reiterates Iran Compliance With Nuclear Agreement He said Iran had committed several earlier violations and is receiving disproportionate relief from worldwide sanctions. His decision did not constitute a USA exit from the accord but raised concern about its staying power.

Hyderabad-bound IndiGo flight hits a wild boar on runway Hyderabad-bound IndiGo flight hits a wild boar on runway Once the plane landed, it was thoroughly inspected and cleaned before it finally took off again. Sources said that once in the air, the pilot noticed that the wheels had failed to retract.

'The Greatest Showman': New Trailer Takes Hugh Jackman from Scoundrel to Superstar 'The Greatest Showman': New Trailer Takes Hugh Jackman from Scoundrel to Superstar Barnum-a relentless showman who, according to the movie, was the one who came up with the term "show-business". 20th Century released a brand new trailer for the film, as well as an earlier than expected release date.

Tesco gets green light for £3.7bn Booker takeover Tesco gets green light for £3.7bn Booker takeover The Competition and Markets Authority has provisionally cleared Tesco's £3.7 billion merger with the cash-and-carry group Booker. In a brief statement, Tesco welcomed the CMA news, adding that it expected the Booker takeover to complete in early 2018.

China to build 'shared future' with 'good friend' ASEAN, Chinese premier says China to build 'shared future' with 'good friend' ASEAN, Chinese premier says But the Philippines, after President Rodrigo Duterte took office a year ago , decided not to use the ruling to pressure China. China initially agreed in 2002 to begin talks on a code, but delayed doing so while carrying out its expansionist strategy.

Martin Truex Jr. to start fifth in Phoenix, Jones 11th Martin Truex Jr. to start fifth in Phoenix, Jones 11th Kyle Larson and Chase Elliott will break from Row 2 as the Cup Championship Playoffs' Round of 8 reaches its conclusion. Elliott trails by 49 points, with defending and seven-time series champion Johnson 51 points behind.

Bob Dylan's guitar sold for over R5.2 million Bob Dylan's guitar sold for over R5.2 million This was only the second known Dylan guitar to come to auction, and the winning bidder has requested to remain anonymous. Bob Dylan's main 1970s acoustic guitar sold at auction over the weekend - for substantially more than was anticipated.

Corrupt FIFA execs only cared about bribes: prosecutors Corrupt FIFA execs only cared about bribes: prosecutors Recordings appear to corroborate prosecutors' case against him. 'It's about time to. have it coming our way, ' he said. The jury was sworn in anonymously after attempts influence the outcome of the case were reported to the judge.

TD Securities Boosts Rating On Comcast Corp A (CMCSA) Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. Barometer Capital Management Inc increased Fortive Corp stake by 66,500 shares to 88,150 valued at $5.58 million in 2017Q2.

Leicester City owners being sued for £323m by Thai government Leicester City owners being sued for £323m by Thai government The BBC has also contacted Airports of Thailand for a comment, but it is yet to respond. King Power was founded in 1989 awarded its Thai duty-free monopoly in 2006.

Rite Aid Corporation (NYSE:RAD) Quarterly EPS Analysis Schwab Charles Investment Management Inc. boosted its holdings in Rite Aid Corporation by 34.2% in the third quarter. Royal Bank Of Canada began coverage on shares of Rite Aid Corporation in a research note on Tuesday, September 19th.

Donald Trump's Handshake In Manila Tops His List Of Most Bizarre Greetings Donald Trump's Handshake In Manila Tops His List Of Most Bizarre Greetings The handshake chain is a set piece during the gathering of the 10-member Association of Southeast Asian Nations (ASEAN) which met in Manila on Monday.

Walgreens Boots Alliance (NASDAQ:WBA) Loses "Outperform" Rating COPYRIGHT VIOLATION WARNING: "BlueMountain Capital Management LLC Acquires 20,483 Shares of Walgreens Boots Alliance, Inc ". The Firm operates through three divisions: Retail Pharmacy USA, Retail Pharmacy International and Pharmaceutical Wholesale.

Analysts See $1.60 EPS for Bank of Montreal (USA) (BMO) As of the end of the quarter Amf Pensionsforsakring Ab had acquired a total of 98,827 shares growing its holdings by 15.8%. TRADEMARK VIOLATION WARNING: This piece was first published by StockNewsTimes and is the property of of StockNewsTimes.

Amf Pensionsforsakring Ab Sells A Little More Microsoft Corp (MSFT) Stock Following the completion of the sale, the insider now owns 116,205 shares in the company, valued at approximately $9,770,516.40. Cowen and Company reiterated an "outperform" rating on shares of Microsoft Corp.in a research report on Tuesday, December 13th.