Income Tax Department Seized Net Ram’s Assets

The Income Tax (I-T) Department has seized assets worth rupees 226 crores of retired Indian Administrative Service (IAS) officer Net Ram, principal secretary to Mayawati. A sum of 20 properties seven in Delhi, three in Mumbai, seven in Noida and three in Kolkata have been attached. Their entire cost is about rupees 225 crores; the assets hold farmhouses, bungalows, flats and commercial properties.

Three luxury cars priced at rupees 1 crore including one Mercedes and two Toyota Fortuners.“Search action has revealed a sophisticated modus-operandi of money-laundering,” the department said. The I-T department on March 12 administered attacks at 11 premises at Delhi, Lucknow, Kolkata and Bareily later it received a reliable indication of large-scale tax evasion.

The quests also resulted in the capture of cash of rupees 2.03 crore and jewellery worth rupees 17.79 lakh. Captured records involved a diary in the handwriting of the officer which included details of the assets, taken in the name of multiple companies with duplicate directors, the department said.

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