The Enforcement Directorate (ED) has attached assets worth Rs 21 crore of defence consultant and arms dealer Sanjay Bhandari in connection with a money laundering probe against him. The ED took cognizance of the new anti-black money act that was notified last year to catch hold of those who have stashed illegal funds or bought properties abroad using such funds.
The Income Tax Department had booked Bhandari under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Under this law, cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961, attract a steep 120 per cent tax and penalty on undisclosed foreign assets and income, besides carrying a jail term of up to 10 years. The ED had booked Bhandari, reported to have left India sometime ago, under criminal charges of the Prevention of Money Laundering Act in February.
The police booked him for alleged violation of the Official Secrets Act last year. Bhandari’s case came to light after the I-T department conducted searches in April 2016 and found “sensitive” defence documents on his premises.