BENGALURU: The search conducted by the I-T sleuths has revealed that none of the transactions mentioned in the paper torn by the Energy Minister D K Shivakumar were reflected in any of the books of accounts and he had filed the return of income without disclosing any said transactions.
According to the complaint filed by I-T department before the Special Court for Economic Offences in city, the I-T conducted search on November 8, 2017 on the premises of N Shasikanth, director of Kaizen Digital Cable Services (P) Limited and survey on the premises of this firm. It also conducted search on the premises of A Somshekar, director of E-Infrastructure and Entertainment (India) Pvt Ltd.
Shasikanth has identified the entry as Rs5 crore that he collected from Shivakumar against the Kaizen. The entry was shown in the torn paper as ‘5.00 to be collected from Kaizen’. It is clear that DKS wilfully evaded tax for Rs3 crore for the year 2015-16 and Rs 2 crore for 2016-17. In counter, Shashikanth has also paid interest in cash and same was not reflected in the accounts maintained by Shivakumar. The survey by the I-T on the premises of Somshekar shows that he entered into financial transactions with one Sachin Narayan, a close business associate of Shivakumar. Somshekar has received a loan of Rs15.15 crore in 2016 from Sachin Narayana, who is a known associate of Shivakumar. When IT sleuths confronted, Somshekar said that he has accepted that only Rs 7.75 crore in cheque and accounted for, the rest of the loan has been un-accounted as it is in cash.
When I-T gave one more opportunity to Somshekar to completely explain the entries in the paper torn by Shivakumar, he stated that in July 2017, it was Shivakumar who had asked him to buy both the companies ADN and KAIZEN for Rs 5 crore each, since Rs 10 crore is the amount of money owed to Shivakumar as debt by both ADN and Kaizen. Further, he has stated that the actual brain behind the deal and the negotiation is the accused, the I-T department said in the complaint.
DEVELOPMENTS TILL NOW
August 2, 2017: I-T sleuths conduct search on the premises of Shivakumar. I-T seizes Rs16.16 lakh from No.2014, High Point-2, Palace Road and cash of `41.03 lakh from Flat No.B-2, 107, Safdarjung Enclave, New Delhi
December 12, 2017: I-T issues a showcause notice to Shivakumar
February 5, 2018: IT gives sanction to prosecute Shivakumar
February 14, 2018: Special Court issues summons to DKS
financial details in Torn sheet
The sheet torn by Shivakumar contains numerous financial details with terms like “balance payable” and “to be collected from” indicating clearly that the numbers being discussed are monies. Further, they have names against entries like Shivshankar, Somashekar, KAIZEN, ADN and E-Digital etc., indicating their appropriation to the finances of those entities, says I-T officials.
A Total of B13.50 crore unaccounted transactions
Unaccounted cash loan by DKS to N Shasikanth, Director, M/s Kaizen Digital Cable Services (P) Ltd.
Rs 5 crore and unaccounted cash interest received against loan is Rs 70 lakh. Unaccounted cash loan given by DKS to Somashekar, Director, M/s E-Infrastructure and Entertainment (India) Pvt Ltd Rs 7.40 crore and unaccounted cash interest from Sasikanth is Rs 40 lakh.
I haven’t committed any mistake: DKS
Energy Minister D K Shivakumar said, ‘I haven’t committed any mistake. I am being targetted now as I am incharge of ‘Janashirvada Yatra’. I was also targetted during Gujarat polls. “All these are efforts to derail our party activities ahead of assembly elections”.