Millennium Post

Five probe reports submitted to SIT on blackmoney: SC told

Five reports on the probe against Indians whose names have figured in the Panama papers for allegedly holding bank accounts in foreign countries, have been filed before the Supreme Court-appointed Special Investigation Team (SIT) on blackmoney.

The reports were filed by a Multi-Agency Group (MAG), comprising officials of CBDT, RBI, FIU and ED.

A bench of Justices Dipak Misra and Amitava Roy was informed by the probe agencies that SIT was looking into the matter. The bench posted the matter for further hearing on November 24, after the petitioner advocate M L Sharma said he was not well.

On October 3, the apex court was told by the Department of Economic Affairs that an undisclosed income of about Rs 8,186 crore has been brought under the tax ambit despite non-sharing of any information by the Swiss authorities.

The Centre, which had sought dismissal of the PIL seeking a court-monitored CBI probe into Panama paper leaks, said about Rs 1,282 crore has been levied in 159 cases pertaining to concealment of tax due to the government.

"So far 164 prosecution complaints have been filed in 75 cases. The apex court-appointed SIT on blackmoney has been kept updated on the progress in these investigations," it had said. The Finance Ministry has refused to respond to the allegations relating to an interim plea of advocate M L Sharma seeking a direction that the offshore portfolio investors, who invest in the Indian stock market through participatory-notes, should not be allowed to withdraw money till further orders.
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