Nagpur: In a rare instance, a JMFC (judicial magistrate first class) court has directed the income tax department to first furnish a ₹40 crore indemnity bond to get possession of cash and valuables seized by the police from an alleged bookie. The department had moved the court with a plea seeking transfer of ₹17 crore cash as well as gold and silver valued over ₹2.44 crore seized from Anant (Sontu) Jain in a betting case by the police.
An indemnity bond means the taxmen will have to officially guarantee to compensate against any possible loss of cash and valuables to the cops. The possession of cash and valuables is needed to carry on with the tax related investigation, said sources.
The taxmen have also been asked to park the entire money as fixed deposit in a bank. In the normal course any seized amount is kept by the department in a designated bank. It is not like a conventional account and the amount is reflected in the government exchequer, said sources.
Having come across such a stipulation which is not common, the department at Nagpur has again moved the court seeking relaxation in the conditions on submitting an indemnity bond and parking the cash as fixed deposit in a bank.
The police had seized ₹17 crore cash along with 18kg gold and 300kg silver valued at ₹2.4 crore from Jain in June last year. The raid was on the basis of a complaint filed by a businessman Vikrant Agrawal.
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