HYDERABAD: The Income Tax department, inquiring into the allegations in the VVIP chopper scam, has found that a Hyderabad-based firm has generated surplus funds amounting to $6 million, through over-invoicing of imports. The funds thus generated were parked in Dubai-based accounts of the said firm, IT officials found. Sleuths had conducted searches in the city a week ago in this regard.
Officials said the firm is engaged in the business of conducting seismic data analysis, and had indulged in large-scale over-invoicing of imports through a Dubai-based operator who is an accused in the VVIP chopper scam. The surplus funds generated were parked in Dubai-based accounts of the said operator.
During searches in the city, incriminating evidence, including e-mail and mobile conversations, were found between the main director of the firm and the Dubai-based operator, pertaining to over-invoicing of imports. When confronted, the persons concerned admitted to over-invoicing.
Searches led to detection of at least four additional undisclosed foreign bank accounts in UBS bank Switzerland, OCBC Bank Singapore, Citizens Bank, USA, and Bank of Nevis International, St Kitts. Moreover, three undisclosed companies of the Hyderabad-based promoter in tax havens viz. British Virgin Islands, Island of Nevis and Singapore were also detected.
Unaccounted cash of Rs 45 lakh was seized during the search, and jewellery worth Rs 3.1 crore, which was found, is in the process of being examined.
The accused firm over-invoiced imports through a Dubai-based operator accused in the VVIP chopper scam, and secured surplus funds of $6 million