Click to play videoMumbai: Income Tax authorities are on the track of a couple who allegedly raised close to Rs 100 crore from investors and invested it illegally.
Kirit Fatania, a spiritual guru, is among the several people who put their trust and money with Sudhir and Madhu Jhunjhunwala. The couple allegedly cheated Maharaj and his wealthy followers of close to Rs 80 crore by assuring them a return of 60 per cent per annum from stock market.
One investor, Jimmy Pandey, said he had put in Rs 6 crore with the couple.
CNBC TV18 has obtained exclusive information that the Income Tax department has come across evidence of the couple putting the money they raised from investors into massive trading operations across multiple leading brokerages.
Income Tax department sources say the couple could have taken stock market positions worth more than Rs 10,000 crore through circular trading, which is moving the invested amount across several brokerages and multiple trading positions.
The IT department is also believed to found evidence of financial dealings between the couple and some key employees in the research departments of some broking outfits. A scrutiny of tax filings of some of these employees has revealed windfall gains in the past year.
The department has sealed Sudhir 's bank account with the Malad Sahakari Nank and given details of its investigation to the Securities and Exchange Board of India (SEBI).
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