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Feb 27, 2011 at 12:45pm IST

KGB's kin accumulated unaccounted wealth: I-T

Kochi: There’s more trouble brewing for former Chief Justice of India KG Balakrishnan. The Income Tax department in Kochi has found evidence of disproportionate assets against his family members.

The tax dept probe has reportedly found that Balakrishnan's relatives began acquiring all this wealth going back 5 years – when he was the Chief Justice of India.

Director General of Income Tax EC Lukose addressed reporters in Kochi to inform about the procedures to be followed at the time of the forthcoming polls.

When asked about the ongoing investigation into the wealth of Balakrishnan and his family members, he said the investigation is in its final stages.

"It has come to light that the family members of Balakrishnan are in possession of wealth above their known sources of income. More investigations are also going on and are in the final stages," Lukose said.

He, however, remained mum to a question if Balakrishnan is in possession of wealth beyond his known sources of income.

To another question on what are the likely steps that would be there now that the family members of Balakrishnan have been identified as possessing unaccounted wealth, Lukose said: "A penalty could be levied or prosecution proceedings can be there after more detailed investigations are done."

Retd Justice VR Krishna Iyer launched a tirade against Balakrishnan at the end of last year following widespread amassment of wealth by the kith and kin of the latter.

Since then, time and again Iyer has lashed out at Balakrishnan and even asked him to break his silence, but it is yet to happen.

Following Iyer's outbursts and on account of a complaint to Kerala Chief Minister VS Achuthanandan by a Kochi resident, the state government has begun a vigilance probe into the amassing of wealth by Balakrishnan's son-in-law PV Srinijin, a Youth Congress leader who has quit the party after the allegations surfaced.

With inputs from IANS