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Black money: Court grants bail to KK Modi

Modi Group Chairman KK Modi was on Monday granted bail by a Delhi court in a black money case filed by the Income Tax Department, which alleged that he was trying to evade tax by not disclosing money stashed in a Swiss bank.

The court gave relief to 75-year-old Modi, after he appeared before it in pursuance to summons issued against him in two alleged tax evasion cases.

He was granted bail on furnishing of a personal bond of Rs 50,000 and a surety of like amount. The court also directed the industrialist not to leave the country without giving it prior intimation. It had earlier taken cognisance of the department’s complaint and summoned Modi as an accused, saying that “prima facie” offence was made out against him under the provisions of the I-T Act. The complaint was filed for the alleged offences under various Sections of the I-T Act.

The department alleged that Modi was holding an account with HSBC Bank in Geneva, which was opened on January 30, 2001. It claimed a balance of over Rs 4.9 crore and over Rs 18.7 lakh was there in that account for the assessment years 2006-07 and 2007-08 respectively.
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