Rs 36.50 lakhs seized in raid from Thangal Bazar residence of one SK Jain
Source: The Sangai Express
Imphal, January 18, 2012:
A Flying Squad team of Income Tax Department seized Rs 36,50,000 lakhs from the Thangal Bazar residence of one SK Jain during the course of a an operation yesterday.
The seizure is the second of its kind after the Election Commission of India announced last year that Flying Squads would be set up to check transition or use of unaccounted money in elections.
According to an informed source, the raid at the Thangal Bazar residence was carried out after specific information was received by the Intelligence Unit of Income Tax that SK Jain was in possession of an undisclosed amount, purportedly for distribution to candidates in fray for the 10th Manipur Legislative Assembly election.
The Income Tax Department immediately despatched a flying squad team to raid the said house resulting in the recovery of Rs 36.50 lakhs, said the source adding the money has been seized under Section 132 of Income tax Act 1961. It is also informed that the raid detected another undisclosed/unaccounted amount of about Rs 10 crores in the possession of SK Jain.
The source further disclosed that a simultaneous raid was carried out by sleuths of Rajasthan Income Tax department at the residence of SK Jain's younger brother namely Vijay Kumar Jain in that state.
Details on the Rajasthan raid could not be ascertained.
It is pertinent to mention that on January 4, Air Intelligence unit of Income Tax Department seized Rs 60 lakhs at Indira Gandhi International Airport, New delhi based on specific information provided by the unit's sleuths stationed at Tulihal Airport.