SIT meets to review tax evasion, other cases

The special investigation team (SIT) on black money held a meeting on Tuesday and reviewed some important tax evasion and money laundering probe cases.

According to sources, the meeting here chaired by SIT chairman Justice M.B. Shah (Retd) also reviewed the reports submitted to it by the income-tax department, FIU and the Enforcement Directorate (ED) in the “Panama Papers” list case in which at least 500 Indian names have been published.

The participating agencies also submitted a record and status of their important probes following which it was decided to initiate “prompt” action in cases like Panama, the Bank of Baroda (Delhi branch) case of alleged illegal remittances and those related to trade-based money laundering and tax evasion through offshore locations and shell companies. The SIT, in the wake of the Panama list, had earlier asked agencies like the I-T department, ED and directorate of revenue intelligence (DRI) to investigate and gather intelligence inputs about the disclosures made in this regard by the International Consortium of Investigative Journalists (ICIJ).