The Income Tax (I-T) Department conducted a search on a Hyderabad-based group connected with the VVIP Chopper scam. The group is engaged in the business of conducting seismic data analysis in which it imports large scale over-invoicing through a Dubai based operator who is an accused in a VVIP Chopper scam.
The surplus funds thus generated amounting to six million dollars were parked in Dubai based accounts of the said operator. According to the Income Tax Commissioner, during the search, incriminating evidence including e-mail and mobile conversations were found between the main director of the searched company and the Dubai based operator, pertaining to over-invoicing of imports. When confronted, the persons concerned admitted to over-invoicing.
Further, the search action led to the detection of at least four additional undisclosed foreign bank accounts in UBS bank Switzerland, OCBC Bank Singapore, Citizens Bank, USA and Bank of Nevis International, St Kitts. Moreover, three undisclosed companies of the Hyderabad based promoter in tax havens namely the British Virgin Islands, Island of Nevis and Singapore were also detected.
Unexplained cash of Rs 45 lakh found during the search has been seized. Jewellery worth Rs 3.1 crore was also found, which is in the process of being verified.