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| After demonetization, benami properties under scanner | | |  Early Times Report
SRINAGAR, Nov 14: The Prime Minister Narendra Modi hinting at possibility of government launching a crackdown at benami properties after the demonetization move, has created ripples among the bureaucratic and political circles in Jammu and Kashmir, sources told Early Times.
They said that many bureaucrats and politicians have amassed huge wealth disproportionate to their known sources of income and have invested huge amounts in benami properties across the state. "The elite class fears that after the demonetization move PM Modi may take it head on by asking the investigating agencies to launch a probe and confiscate the properties which have been amassed by the politicians and bureaucrats through illegal means," said a source.
He said, "Investigating agencies in Jammu and Kashmir had prepared a long list of benami properties during the tenure of the former Chief Minister late Mufti Mohammad Sayeed, who after taking oath in March 2015, announced to launch a crusade against corruption in the state."
It's in place to mention here that in the initial phase of "war against corruption" a few government employees were even dismissed from the service but the process stopped all of the sudden. With the demise of former Chief Minister it came to a halt.
Sources claimed that war against corruption in JK was stopped at the behest of some ministers and a few powerful bureaucrats, who apprehended that it may lead to noose being tightened around them. "Now the situation has changed as the Prime Minister himself is spearheading the war against corruption and there is every possibility about it reaching JK," the source added.
Insiders revealed, "If a probe is conducted in JK, benami properties worth Trillions could be seized as their owners are doubtful and most of the people have invested their illegal money in these properties and the value of these properties is in crores," the source added.
The Prime Minister Modi taking a hard stand, according to the sources, is giving sleepless nights to many people, who were not expecting such a big "surgical strike" on black money. "They fear that in coming days the real estate market may also witness a slump as people would like to sell their benami properties and liquidate their cash so that they can transfer the cash outside the country as they believe foreign countries are the only place where their black money could remain safe," they added. |
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