The list includes 270 accounts belonging to Amdavadis who were linked to several infamous scams, such as the one involving Roopal Panchal.
The income tax department, Ahmedabad, has received a list of 1,000-plus demat accounts that were frozen by the Securities & Exchange Board of India (Sebi) a couple of years back. The list includes 270 accounts belonging to Amdavadis who were linked to several infamous scams, such as the one involving Roopal Panchal.
“We have received the list for investigation from Sebi,” said a senior income-tax official who is apprised of the probe. “The list includes people accused of perpetrating all kinds of fraudulent practices with the help of demat accounts. The list comprises the names of those associated with the scam involving Roopal Panchal.”
Though the source said that the investigation was in its initial stage, DNA has learnt that the 270 Ahmedabad accounts have already been examined. The scrutiny has revealed that a significant number of the accounts had been misused
to transact deals worth crores of rupees.
Sources privy to the investigation said that scores of accounts were used to hide large chunks of shares meant to be allotted to small investors. The investigators are also attempting to trace unaccounted money and undisclosed stock market transactions dating to the period between 2006 and 2008. A similar investigation is being carried out across the state.
“At the moment, we can’t comment on the people who own these accounts, but it involves almost all the scams unearthed between 2006 and 2008,” a source said. Sources said that most of the account-holders had not submitted their permanent account numbers (PANs); according to Sebi rules, the submission of PANs is mandatory.
The source said that a couple of months ago, even the Central Board of Direct Taxes, New Delhi, had issued a list of 6,000 demat accounts from across the nation that would have to be scrutinised. “The purpose of the investigation is also related to PAN cards,” another source said. “Most of these accounts don’t have PAN numbers.”
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