This story is from October 30, 2017

`Black' stash under vigil for white collar crimes

`Black' stash under vigil for white collar crimes
Representative image
HYDERABAD: People who have black money (undeclared money) may be in for trouble if they become victims or accused in a white collar offence as there is every chance of them receiving income-tax notice.
Central Crime Station (CCS) police are planning to share first information reports (FIRs) registered in white collar offences with the I-T department. Till now, police never used to check for the source of income as they used to stick to probing the complainant's allegations.
With the new move, the source of income of both the victim and accused would be under the scanner of I-T department.
In the recent past, several cases were reported in which the victims lost their undeclared money and approached police to take action against persons who duped them. In most cases, the amount involved in transactions between the culprit and the victim, runs into lakhs or crores rupees. With this move, black money hoarders would have a tough time and may think twice before seeking CCS help as their transactions done using black money would get exposed. Similarly, the accused would be under the scanner of the I-T department too.
“Based on a complaint, FIR will be registered in white collar offences. However, to know whether the transaction involved black money or not, I-T department sleuths will be shared with each FIR so that they can verify and separately crack down on persons dealing with black money ,'' sources in Hyderabad police told TOI. Initially, the Hyderabad police would share FIRs with the I-T department and subsequently Rachakonda and Cyberabad police units too would join the initiative.
Police would share FIR with the I-T sleuths in offences like fraud, cheating, for gery and others during a business deal, land transaction, where lakhscrores of undeclared money is involved, or duping people by collecting money .
So far, the CCS sleuths, as part of coordination, used to share details of white collar offences with Enforcement Directorate (ED) in cases where there could be money laundering angle.
Now, they have decided to share the information with the I-T department too. It might become an important source of information for I-T department officials as they could clandestinely probe it before they crack down on black money hoarders.
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