‘Lottery King’ admits to Rs. 1,000 crore in unaccounted for income
CHENNAI, MAY 05, 2019 00:00 IST
Santiago Martin
Raids on Santiago Martin’s premises unearth cash, jewellery
The Income Tax (I-T) department has found a huge quantum of unaccounted cash during raids conducted over the last four days on properties belonging to ‘Lottery King’ Santiago Martin.
Manipulation
A senior official from the I-T Investigations Wing said the assessee admitted to having unaccounted income of Rs. 595 crore, received from stockists towards manipulation of prize-winning tickets.
He had also admitted to additional unaccounted income, after reconciliation, of over Rs. 600 crore in receipts (payments received from real estate business and interest on loans given) and from investments.
During the searches, Rs. 8.25 crore of unaccounted cash was found, of which Rs. 5.8 crore was seized. The remaining cash had been kept under prohibitory orders.
Unaccounted gold and diamond jewellery of an approximate value of Rs. 24.57 crore was also found and placed under prohibitory orders. “Prohibitory orders have also been placed on several premises where incriminating evidence and electronic documents remain to be examined,” the official said. I-T officials said that Martin had been summoned for questioning.
CHENNAI, MAY 05, 2019 00:00 IST
Santiago Martin
Raids on Santiago Martin’s premises unearth cash, jewellery
The Income Tax (I-T) department has found a huge quantum of unaccounted cash during raids conducted over the last four days on properties belonging to ‘Lottery King’ Santiago Martin.
Manipulation
A senior official from the I-T Investigations Wing said the assessee admitted to having unaccounted income of Rs. 595 crore, received from stockists towards manipulation of prize-winning tickets.
He had also admitted to additional unaccounted income, after reconciliation, of over Rs. 600 crore in receipts (payments received from real estate business and interest on loans given) and from investments.
During the searches, Rs. 8.25 crore of unaccounted cash was found, of which Rs. 5.8 crore was seized. The remaining cash had been kept under prohibitory orders.
Unaccounted gold and diamond jewellery of an approximate value of Rs. 24.57 crore was also found and placed under prohibitory orders. “Prohibitory orders have also been placed on several premises where incriminating evidence and electronic documents remain to be examined,” the official said. I-T officials said that Martin had been summoned for questioning.
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