Hyderabad: The cab driver nabbed by Income -Tax officials on Thursday for depositing demonetised currency worth about Rs 7 crore with a branch of State Bank of Hyderabad in the city was indulging in selling gold by roaming around on a bicycle.
The man deposited Rs 7 crore on November 11 with the bank and got the money transferred to a bullion trader’s account.
He then bought 2 kg of gold and began selling it to merchants and persons known to him.
The investigating I-T teams were surprised by his modus operandi. “He did not use cabs or other vehicles to avoid post - demonetisation checking by the police and investigative agencies but used bicycle. He almost succeeded in disposing of all the purchased gold. Our teams caught him as he was moving on a bicycle with gold bars,” an official said.
An official from I-T said that during their preliminary investigation it was found that he did not have a financial background or any business history and was working as a cab driver. “So far, we have not registered a case against him as he asked one week’s time for paying tax under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). The cab driver is very confident about the tax payments and he is not revealing the source of income. We suspect that he may be a benami for someone. But, as per the PMGKY, we should give an opportunity to him. The scheme will end by December 30,” the official said.
As per the scheme, the cab driver should pay Rs 3.5 crore towards 50 per cent tax, a part from depositing Rs 1.75 crore in the form of RBI Bond. However, the I-T wings are keenly observing his movements and other agencies have taken up parallel investigation.
