In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has admitted to an undisclosed income of Rs 73 crore to the Income Tax department. He also gave details of secret lockers held in banks in Switzerland, Singapore and the US.
The I-T department suspects a multi-layered Hawala racket and money laundering being operated through these accounts, both in India and abroad, and is probing the role of some high profile individuals with possible political links.
The disclosure by the businessman, identified as Satish Sawhney, came today after a team of Income Tax (I-T) sleuths from the newly created Directorate of Criminal Investigation (DCI) carried out simultaneous searches at his posh Sainik Farms bungalow and South Extension-I premises here.
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