Ahmedabad businessman Mahesh Shah threatens to reveal all to I-T dept

Updated: Dec 05, 2016, 10:23 IST | Agencies |

The Ahmedabad-based businessman who declared Rs 13,860 crore under IDS, claims he did so out of compulsion and for commission

Police and Income tax officials with real estate dealer Mahesh Shah in Ahmedabad. Pic/PTI

Ahmedabad: The city-based property dealer Mahesh Shah, who made a sensational claim that he was used as a front to declare the Rs 13,860 crore under the Income Declaration Scheme (IDS), was allowed to go home yesterday morning after night-long interrogation by senior I-T personnel. He has threatened to disclose the names of politicians and businessmen for whom he says he was acting as a front.

Officials said the process of recording his statement is likely to continue today even as city police deployed two guards outside his residence, apprehending security threat. Shah, who went missing after the I-T department searched his residence a few days back, appeared in the studio of a local news channel on Saturday for an interview. Later, he was taken away by I-T officials from there. During the interview, Shah claimed he made the declaration out of compulsion and for commission.

“The amount of Rs 13,860 crore I declared under IDS was not mine, I will tell the names of those behind it before income tax officials.... I will disclose everything soon. I have committed a mistake but I will reveal everything soon,” Shah said.I-T rejects disclosures The Income Tax department has rejected the controversial R13,860 crore by Shah, and an astonishing Rs2 lakh crore disclosure by a Mumbai family as well, under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind their false claims.

Meanwhile, the government has revised upwards the total illicit wealth disclosed in the one-time window to Rs7,382 crore as against Rs65,250 crore estimated earlier.

“Among the declarations received, there were two sets of declarations of high value, which were not taken on record in the above figure because these declarations were found to be suspicious in nature being filed by persons of small means," the Finance Ministry said in a statement yesterday.

A family of four declarants, namely Abdul Razzaque Mohammed Sayed (self), Mohammed Aarif Abdul Razzaque Sayed (son), Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister), who were shown as residents of Mumbai, filed a total declaration of Rs 2 lakh crore, it said.The other declarant was Shah.

“Therefore, after due consideration, the Income Tax Department decided by 30th November, 2016, to reject these two sets of declarations of Rs 2 lakh crore and Rs 13,860 crore respectively. The Department has since commenced enquiries against these declarants to determine the intention behind these false declarations,” it added.

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The Reserve Bank said it will issue new notes of Rs20 and Rs50 denominations with numerals in ascending size in the number panels and without intaglio printing. The old notes of Rs20 and Rs50 will remain legal tender.

Rs 13K cr
The amount declared by Mahesh Shah under IDS

Rs 67K cr
The total illicit wealth disclosed in the one-time window

The number of declarants of the illicit wealth

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