The CBI is investigating the officer, Additional Commissioner of Income Tax, Vivek Batra, in a disproportionate assets case
In the weeks following Prime Minister Narendra Modi's November 8 announcement on the demonetization of Rs 500 and Rs 1,000 notes, the Income Tax (I-T) department went on an overdrive, conducting raids across the country to crack down on black money hoarders. DNA has learnt that even as the raids were underway during the demonetization period, a senior Income Tax officer may have been discretely converting his own black money, parked with an accomplice, into new currency. The CBI is investigating the officer, Additional Commissioner of Income Tax, Vivek Batra, in a disproportionate assets case.
In its FIR, the CBI has alleged that between April 1, 2008, and April 30, 2017, Batra, posted as the Additional Commissioner (TDS) at the IT department's Charni Road office in Mumbai, had acquired "huge assets both movable and immovable in his name and in the name of his family members, which are beyond his known sources of income, through corrupt and illegal means."
The agency has alleged he was abetted by his wife Priyanka Batra, Shirish Shah, a Mumbai-based chartered accountant, Niraj Kochar, who is the MD of Viraj Profiles Ltd that manufactures stainless steel long products, and Dilip Jiwrajika, Director of textiles company Alok Industries. They have been named as accused in the CBI's FIR registered on July 26.
"Our investigation revealed that Vivek Batra has parked some of his ill-gotten money with Niraj Kochar, MD of M/s Viraj Profiles Ltd and Dilip Jiwrajika, Director of M/s Alok Industries. The black money with Kochar was delivered back to Batra through Shri Kumar, accountant of Kochar, for exchanging the same with new currency during the demonetization period in November-December 2016," the CBI's FIR states.
Till April 30 this year, Batra and his wife had allegedly acquired assets worth Rs 6.19 crore. Their assets before April 1, 2008, have been estimated to be Rs 1.41 crore.
According to the CBI, Batra laundered a portion of his ill-gotten wealth through false Long Term Capital Gains (LTCG), by investing in the shares of three shell companies — M/s Prraneta Industries Ltd, M/s Avance Technology and M/s Mahan Industries — which were controlled by chartered accountant Shah.
The CBI has alleged that Priyanka had purchased 44,100 shares of M/s Prraneta Industries Ltd for Rs 2,26,750 during the period of May 27, 2009 to June 18, 2009. She sold all 44,100 shares at a total price of Rs 22,54,140 during the period of August 26, 2010, to April 25, 2011, and made an LTCG of Rs 20,27,390 through the said transaction.
"Similarly, Batra purchased 20,000 shares of M/s Prraneta Industries Ltd for Rs 97,600 in May 2009 and sold the shares in August 2010, for Rs 8.88 lakh, and thereby made an LTCG of Rs 7,90,400. The sellers and brokers invovled belong to a group controlled by Shah who had provided false LTCG against the receipt of cash to different entities. Thus the said false LTCG accommodation entry may have been provided against the receipt of cash by Shah," said a CBI source.
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