I-T case against Moin Qureshi among the biggest under new Black Money Act

Officials in the I-T department said that Qureshi has recently been slapped with notices under the new Act for maintaining undisclosed foreign bank accounts with balances of over Rs 100 crore.

Written by Ritu Sarin | New Delhi | Updated: October 16, 2016 9:28 am

Two years after the Income-Tax department conducted searches on controversial meat exporter Moin Qureshi in February 2014, the case against him has become one of the biggest to be registered under the 2015 Black Money Act. Officials in the I-T department said that Qureshi has recently been slapped with notices under the new Act for maintaining undisclosed foreign bank accounts with balances of over Rs 100 crore. Two accounts of Moin Qureshi have been traced following the tax probe against him, both in the Hong Kong Branch of BSI Bank, one of the oldest Swiss wealth managers.

While deposit and transaction details in BSI Bank are already with the department, requests for information in his case for suspected offshore companies and accounts are pending with authorities in South Africa, Jersey and Bermuda. Further notices could be dispatched in his name for undisclosed offshore assets under the Black Money Act.

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It is the I-T investigation wing which apprised the Enforcement Directorate (ED) about details of Qureshi’s undisclosed offshore assets as well as the results of their investigation, following which the latter agency registered a case under the Prevention of Money laundering Act (PMLA).

More importantly, the I-T department has earlier this year apprised the Central Bureau of Investigation (CBI) of the contents of Qureshi’s intercepted telephone conversations as well as the contents of BBM messages retrieved from his telephone. As reported first by The Indian Express, several BBM messages were exchanged with former CBI Director A P Singh, and it is understood that all references to CBI cases in the messages are currently under the scanner.

The Moin Qureshi probe has already resulted in a spate of legal actions, with Qureshi himself first approaching the Settlement Commission for a reprieve from prosecution, which was denied to him. The I-Tax department subsequently registered a prosecution complaint against him in a Delhi court. That ongoing case has been filed by the department under Section 277 of the I-T Act on account of Qureshi lying on oath about the number of lockers he maintained, and the department being able to trace more than 10 lockers which he had denied operating. When he was questioned immediately after the February 2014 raids, Qureshi had also denied having any foreign bank accounts, and the existence of the BSI Hong Kong accounts has nailed that.

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  1. I
    Oct 16, 2016 at 1:47 am
    Oh minority - so no problem
    1. P
      Oct 16, 2016 at 1:55 am
      Oh minority Dawood so let's not touch him. Now minority is 20% so no more minority but keep wasting money on them. Oh minority so let's spend lacs of crores on sending these jihadi to Mecca on Huj. Oh minority let them slave Hindu women in the name of love jihad.
      1. B
        Barb Dewyre
        Oct 16, 2016 at 1:51 am
        Another horse has bolted before the stable door was locked! This government seems to have made a habit of this.
        1. S
          Oct 16, 2016 at 2:24 am
          ok lets pick up the broom and clean the airport now. everything cleared.
        2. R
          Rajat Lahiry
          Oct 16, 2016 at 2:44 am
          Does'nt India have extradition treaty with Dubai?
          1. R
            Rajat Lahiry
            Oct 16, 2016 at 2:40 am
            He is also rumored to have close links with 10 Janpath.
          2. P
            PRAVIN S
            Oct 16, 2016 at 7:53 am
            all acts are made and they r selectively used to target minorities SC/ST/OBC on other hand cr imi nilas like mallya who looted india for 9000 crores and more mallya hiding in pipeline - are escorted abr oa d by m anu wa di b an ker s / C BI ju di ciary , s a n ghi go v t
            1. R
              Oct 16, 2016 at 5:55 am
              Sab se bada Gus- paisa , connection ke chot mein,: aam adhmi ke dhajiyan udane wale- airport wale.
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