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LATEST NEWS UPDATES | Head rolls for Ponty Chadha fiasco that left I-T red-faced

Head rolls for Ponty Chadha fiasco that left I-T red-faced

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published Published on Feb 18, 2012   modified Modified on Feb 18, 2012
-The Times of India
 
The finance ministry has replaced S S Rana with Madhavan Nair as member investigation in the Central Board of Direct Taxes (CBDT) in a change that is seen to be linked to the income tax department's embarrassment over the failed "search-and-survey" operation against Gurdeep 'Ponty' Chadha, a politically-connected businessman.

Apart from Rana, who was instrumental in the raids against Chadha a day before the Uttar Pradesh polls got under way, four other I-T officials involved in the drive were also removed on Thursday. However, they had to be brought back following protests from the I-T Gazetted Officers' Association.

The raids raised eyebrows for both the timing and the insignificant recovery.

Faced with the criticism that the operation was a fizzle, the CBDT on Thursday clarified that the taxmen had seized cash and valuables worth Rs 11 crore from Chadha's premises.

This was small change for a businessman who has an annual turnover of more than Rs 5,000 crore, and also since he is in liquor business he is likely to be sitting on a pile of cash at any point of time.

Sources said that the raid on the premises of Chadha was okayed by Rana on the basis of specific intelligence about the controversial businessman having Rs 100 crore in a chest in his office. The office is located in a shopping mall owned by him in Noida. The multi-layered chest, which was opened amid considerable excitement, was found to be devoid of cash.

The Directorate of Criminal Investigation (DCI) that was tasked with the operation on Chadha directly reported to Rana.

According to sources, the decision to remove Rana was taken at the highest level in the revenue department in the finance ministry. Nair, as member of legislature and computerization, was involved in preparations for budget. His transfer, when the annual budget is less than a month away, points to a sense of urgency in the revenue department.

The failure of the operation against Chadha, who is close to politicians of all hues including UP CM Mayawati, had led to speculation whether the businessman was tipped off about the impending posse of taxmen. The CBDT had, however, clarified on Thursday that there was no leak in the case and also insisted that it had seized lot of documents.

The Times of India, 18 February, 2012, http://timesofindia.indiatimes.com/india/Head-rolls-for-Ponty-Chadha-fiasco-that-left-I-T-red-faced/articleshow/11933368.cms


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