Income Tax department keenly watching Nayeem's case
As this case is unique in the history of the Telugu states, the government is in a dilemma on the seized money and lands.
Hyderabad: The Income Tax department is keenly watching Nayeem's case in which property worth hundreds of crores have come to light. So far, the police has seized cash and documents regarding properties. As per preliminary estimations, property worth about Rs 270 crore was identified. Moreover, police found that most of the documents are in the names of proxies. Except for a few plots and lands in Nalgonda and Ranga Reddy district, most of the other documents are in others names.
As this case is unique in the history of the Telugu states, the government is in a dilemma on the seized money and lands. Although, there are chances of the seized cash being deposited in the treasury, officials are expressing doubts over future claims by the victims of Nayeem.
A source from the I-T department said the department would take part in the investigation after the police investigation ends. “Our investigation wings are closely watching the case. In such cases, the police approaches us under Section 132 (a) of the IT Act. We are expecting the same response from the SIT,” the source said.
Besides Nayeem’s sources of income, the I-T wing is concentrating on the victims who paid money to the gangster. “As per the Act, undisclosed amounts should be declared with evidence. Victims can use the income declaration scheme on the black money paid to Nayeem. But, the amount should be earned through legal ways,” the source said.
Responding about Nayeem’s kin another official said, “There is no chance for Nayeem’s kin to get the property as it was earned illegally. If the police finds that some of the amount is the reward got from the police Nayeem’s kin can claim it without tax.”