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Benami Insurance Policies Of Sacked IAS Officer Attached; Proceedings Initiated To Seize 220 Acres Of Land
Arvind Joshi at a Bhopal court after surrendering in the disproportionate assets case (Mujeeb Faruqui/Hindustan Times via Getty Images)
Up to 33 insurance policies obtained from sacked Indian Administrative Service (IAS) officer Arvind Joshi and his relatives in Madhya Pradesh, have been permanently attached by the Income Tax (IT) department.
Proceedings have also been initiated to attach around 100 benami properties spread over 220 acres of land belonging to the officer, reports The New Indian Express.
The insurance policies were attached provisionally in November 2017, and now the adjudicating authority has decided to make it final, as per provisions of the Benami Property Transactions Act.
This means that the IT department now has the green light to go ahead and seize these policies, in which Joshi and his family had invested black money amounting to Rs 3.5 crore in the year 2000.
The policies were acquired with the reported help of a senior employee of a well-known insurance firm who used her own family bank accounts to route Joshi’s money.
This revelation over the black money investment was made in 2010 when the IT department raided the residence of the 1979-batch IAS officer couple Arvind and Tinoo Joshi in Bhopal. In the raid, tax officials uncovered disproportionate assets to the tune of Rs 350 crore besides recovering Rs 3 crore in cash.
Both the husband and wife were discharged from service in 2014, a first in IAS history.
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