Hyderabad: The Director-General of Income-tax (investigation region) has detected benami properties worth Rs 7,700 crore across the country, of which properties worth Rs 6,900 crore have been confiscated. The most such properties were identified in Chennai, followed by Ahmedabad and Bhopal. In Hyderabad, I-T sleuths unearthed benami properties valued at Rs 100 crore but fewer were confiscated.
Statistics provided by the Ministry of Finance — Department of Revenue, show that though the number of cases registered in Kolkata are fewer, the value of the benami properties attached is high. In the 2017-18 financial year, properties worth Rs 477.11 crore were attached in Kolkata, followed by Rs 93.39 crore in Chennai. In the financial capital of India, Mumbai, properties worth Rs 91.74 crore were attached and in Ahmedabad properties worth Rs 70.53 were attached. The benami properties attached include deposits in bank accounts, jewellery, and immovable property.
In regard to cases in Hyderabad, the adjudicating authority of the Benami Transaction Prohibition Amendment Act permitted IT sleuths to attach properties of the late gangster Nayeemuddin, alias Nayeem, worth Rs 12 crore. The department awaits approval to confiscate the rest.
A senior officer told Deccan Chronicle, “The amended Benami Properties Act empowers the IT department to confiscate benami properties after the adjudicating authority gives the green signal. Besides this, if a person is found guilty of the offence of benami transaction by the competent court, he/she shall be punishable with rigorous imprisonment for a term not less than one year which may extend to seven years. Fine, that may extend to 25 per cent of the fair market value of the property will be imposed.”
The official said several benami transactions have been identified since the amended law came into effect. The department has also issued several show-cause notices for provisional attachment of benami properties.
