I-T raids on brokers reveal black money deal

Kolkata: The Income Tax (I-T) department informed here on Sunday that the raids conducted on two top finance brokers about two and a half months ago revealed that these brokers were involved in transaction of black money. The department had raided at the office and residences of two top finance brokers. The Income Tax department, which seized a few documents from their residences in South Kolkata and office, said these documents had evidences in connection with financial transactions of more than a few hundred crores. According to sources in the I-T department, the finance brokers had allegedly conducted dubious transactions over the past few years with some prominent businessmen in the city. The department termed these financial transactions as 'black money transactions', which were carried out with well-known business groups. The Income-Tax department officials found that these transactions involved crores of black money. The department is examining the seized documents and is also likely to examine other official documents which were confiscated during the raids.