Taxman seizes unaccounted deposits worth over Rs 55 crore, data from ex-fund manager & others

The department said that various incriminating evidence in the form of digital data and documents were seized. The evidence, including sworn statements that were recorded from various persons, revealed the modus operandi of the people on the radar.

"It has been detected that the said fund manager and chief trader were sharing specific trade related information with brokers/middlemen and persons located in certain foreign jurisdictions. These persons in turn, used such information for illicit gains in the share market by trading in such scrips either in their own account or account of their clients," the tax department said in a statement.

These persons, including the fund manager's family members, in their statements admitted that the unaccounted cash generated from the said operations was routed mainly via Kolkata-based shell entities into their bank accounts. "From these bank accounts, funds have been further diverted into the bank accounts of companies/entities incorporated in India and other low tax jurisdictions. The gleaning of seized evidences has exposed the nexus between the ex-fund manager, middlemen, share brokers, and entry operators," the statement added.

Evidences fixed deposits, large-scale unaccounted investment in cash loans, immovable properties and their renovation, among others, have also been seized, the department said, adding that the seized unaccounted deposits exceed Rs 55 crore, so far.

The department added that further probe was on.