Hyderabad: The Income Tax department will now raid those, who holding black money and did not declare it under IDS. An official source said that the department had identified as many as 50,000 persons including politicians, businessmen and families of NRIs holding black money in TS and AP.
“We have received response from only 7,000 persons against 50,000 which is a small number. Through various sources, the department had gathered data earlier. Officials will meet from Monday onward to decide further action.
“We identified that about 12,000 persons from the two Telugu states became millionaire over one-year in illegal ways using penny stock frauds, suitcase companies and charitable trust frauds to convert black money to white. We also identified those holding black money and benami properties. Very soon, we will form teams to raid such persons,” the source said.
