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Stepping up action against black money evaders, tax authorities have attached over 900 properties valued at more than ₹3,500 crore. The action comes under the Benami Property Transactions Act, which came into force on November 1, 2016.
“These attachments include plots of land, flats, shops, jewellery, vehicles, deposits in bank accounts, fixed deposits etc. The value of properties under attachment is more than ₹3,500 crore, including immovable properties of more than ₹2,900 crore,” the Finance Ministry said on Thursday.
In five of these cases, the Adjudicating Authority has also confirmed the provisional attachment of property amounting to over ₹150 crore.
In another case, it was established that a realty company had acquired about 50 acres of land, valued at more than ₹ 110 crore, using the names of certain persons of no means as benamidars , said the Ministry.
The Act provides for provisional attachment and confiscation of properties as well as prosecution of the beneficial owner, the real owner and the abettor of such benami transactions. It also allows for rigorous imprisonment up to seven years and a fine of up to 25 per cent of fair market value of the property.
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