I-T raids expose K'taka minister's undeclared income worth Rs 300 crore

Bengaluru: The Directorate of Income Tax (Investigation), Karnataka & Goa, have reportedly unearthed huge amount of undeclared income worth over Rs 300 crore from several premises of the Energy Minister DK Shivakumar and his family members during the search and seizure operations at 64 locations in Delhi and Karnataka. 

Out of the over Rs 300 crore alleged undeclared income over Rs 100 crore reportedly belongs to Shivakumar and his family members, highly placed sources told this newspaper on condition of anonymity.

The DGIT has also seized undeclared assets including jewellery worth Rs 15 crore and huge stash of incriminating documents during the operations, which commenced on Wednesday early morning and concluded on Saturday evening. 

Read: Have not violated law, truth will come out soon: K'taka minister after I-T raids

“The balance undeclared income of over Rs 200 crores, which was unearthed by the Income Tax sleuths, belongs to various business groups including a top real estate group and a transport firm, among others, where he allegedly has business investments,” said the sources.

The DGIT will take time to examine the documents to conclude the extent of his undeclared income, which were seized during the three day search operations. The Enforcement Directorate (ED) is likely to step in, to examine if there was a case of money laundering that attracted violation of the Foreign Exchange Management Act (FEMA).