Foreign Assets worth Rs. 800 Croreseized by Karnataka-Goa IT Department

The Karnataka-Goa Income Tax region has unearthed about Rs. 800 crore worth foreign assets and started prosecution in three cases, a top department official said. "Till date, the directorate has detected and unearthed foreign assets worth close to approximately Rs. 800 crore. Prosecution has been launched in three cases under the Black Money Act. Prosecution notices have already been issued in 10 other cases," principal chief Income Tax Commissioner (Karnataka-Goa), BR Balakrishnan, said. He said the searches exposed a complex web of overseas entities floated by the assessees for laundering money abroad and investments made in foreign assets, having ramifications under the Black Money Act.