NEW DELHI: The Income Tax Department (ITD) investigation reveals that more than 60,000 persons, including 1300 high-risk individuals, have been identified for the inquiry into claims of excessive cash sales during the demonetization period.
In these transactions, more than 6000 cases are related to the high-value property purchase. And 6600 cases of outward remittances are also under investigation. The cases where no response received are also a matter of enquiries.
ITD has found high-risk persons who converted black money into white during demonetization. Government officials and other individuals have made huge cash transactions through shell entities for layering of funds.
From the date of demonetization announcement to February 28, 2017, ITD has made 2,362 search, seizure and surveys. They have seized more than Rs.818 crore assets, which include cash of Rs.622 crores, and detection of undisclosed income of more than Rs. 9,334 crores.
ITD has referred about 400 cases to the Enforcement Directorate and the CBI.
ITD launched “Operation Clean Money” (OCM) on 31st January 2017 for e-verification of cash deposits made during the demonetization period- November 9 to December 30, 2016.