No tax raids in India loan bribery case yet – official

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(Last Updated On: April 28, 2016)

India’s income tax department has not yet carried out any raids in connection with an ongoing probe into a financial bribery scandal, but is probing all companies including realtors seen involved in tax evasion, a senior finance ministry official said on Friday.

“There is no overt action like raid as yet,” the Central Board of Direct Taxes spokesman Shishir Jha told Reuters, referring to the loans bribery case.

“Everyone who has evaded taxes or if there is any tax angle, we will look into,” he added.

The federal Central Bureau of Investigation (CBI) on Wednesday arrested five officials from state-run listed lenders, including the chief executive of LIC Housing Finance, accused of taking bribes to facilitate large corporate loans.

Three senior executives from a listed private company were also arrested on charges of handing out the bribes.

Shares in real estate companies fell sharply on Friday on concerns more of these firms could be named in the probe.

Read full article: Reuters

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