Drama on Live Tv: Watch businessman who declared Rs 14000 cr black money get arrested

Gujarat businessman Mahesh Shah, who had gone missing after declaring income of Rs 13,860 crore, was detained by IT officials while appearing in the ETV studio in Ahmedabad on Saturday. The detention was captured on live TV, after Shah went on air to say the unaccounted cash was not his, but belonged to a group of people that included politicians and businessmen. 

Speaking to ETV, Shah said, “Yes I have declared this amount but the amount doesn't belong to me. Before I make any statement to the media I will provide all information to the IT department. The truth will come out soon. I committed a mistake. I wanted to earn some commission which is why I chose to convert the black money into white.”

IT sleuths questioned him in the news outlet’s premises, even as the cameras continued to roll. He was later detained by them. 

Shah was expected to pay tax of Rs 1,560 crore by November 30 as per the Income Declaration Scheme, but disappeared, failing to make the payment.

Under IDS, the Centre offers immunity to those who declare their unaccounted wealth once they pay the appropriate tax. While the scheme was opened on June 1 and closed on September 30, News 18 reports that 67-year-old Shah made the disclosure five minutes before the deadline. 

IT officials carried out searches on Shah’s residences and his offices after he defaulted on the payment. Seeking protection for his family, the Gujarati businessman told ETV that his family and friends were in no way involved in the deal and that they should be kept out of it.