24th January, 2020
The Income Tax Department has in the past conducted raids on various assets of Bharat Hotels, a leading hotel conglomerate of the country and the way various Benami assets have been unearthed, making the process of extorting the black money hidden in big business houses. He is also surprised by the Income Tax Department official.
Anonymous assets of one thousand crore rupees of Bharat Hotels Group have been found abroad, including The Lalit. It runs a chain of luxury hotels abroad. Recently it announced plans to make new investments in India. It's MD Jyotsna Suri has a distinct presence in the Indian industry and has been the chairperson of FICCI, the premier industry chamber a few years back. Apart from this, she has served in several committees set up by the government.
According to the press release issued by the Finance Ministry, 13 properties have been raided in the National Capital Region of a major group of the hospitality industry. It has jewelry worth Rs 23 crore while watches worth Rs 1.2 crore. Income tax officials have also seized cash worth Rs 71.3 lakh. The documents seized in the raids also show that black money has been deposited abroad by the group as billions of rupees abroad. The group started hiding its black earnings by forming trusts in countries considered tax havens since the 1990s.
These trusts deposit money abroad in such a way that its true owner or promoter is not known for decades. Many countries have tried several ways to invest and hide real promoters. Not only this, the major promoters of this group have been presenting a close relative internationally as the main face of this trust.
According to Finance Ministry officials, now the curtain has been removed from all the exploits of this group. A total of one thousand crore rupees of foreign Benami properties have been detected. The company has a hotel in the UK while putting more money into some assets there. Similar investment has been made in the UAE. The investigation against the group will continue.