I-T officials said that the MLA has admitted to concealing income of family members exceeding Rs 120 crore.

IT raids on Karnataka Congress MLA Nagaraj probe on crores of alleged unaccounted wealthPTI
news I-T Raids Saturday, February 11, 2017 - 22:16

In another blow to the Congress, the Income Tax Department of Goa and Karnataka, on Thursday, raided the Bengaluru residence of Congress MLA from Hoskote, MTB Nagaraj.

According to a source in the I-T Department, the I-T sleuths recovered Rs 1.1 crore unexplained cash from his residence.

The source also said that the MLA has admitted to concealing income of family members exceeding Rs 120 crore.

“The income of the MLA’s family members, which he has admitted to not disclosing includes unaccounted property, investments and construction of commercial outlets, a hospital, multiple houses,” an official from the I-T Department said.

The unaccounted property also includes the withdrawal of a non-existent loan, which is actually a revenue receipt. The sleuths are still probing the source of the income shown as the loan withdrawal, the source said.

He also received revenue from multiple paying guest accommodations in Bengaluru, which he did not disclose.

“Further an amount exceeding Rs 70 crore of payments received by various independent landlords were also identified and no capital gains were paid. There is also a claim of income, which has been exempted from his tax returns for several years and this amounts to around Rs 125 crore,” the source added.

IT department also reportedly found 3,500 land ownership documents, which is evidence that he owns 560 acres of land. This is being verified by the I-T department.

“During the raid, 10kg gold was also found in his home, and its source is being probed,” an I-T official said.                        

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