Often such reports come out that ED, CBI and Election Commission have conducted raids and seized crores of rupees, property documents and jewelery from different places. Account of each and every seized note is kept, but very few people know where the seized money goes and what it is used for, let us tell you today that the money found in Income Tax raids. What happens to?
In the last one year, ED has conducted raids at many places and seized property worth crores. Seizing money or jewelery is done by officials of the Enforcement Directorate, Income Tax Department or Election Commission.
Raids are conducted while taking action in cases like disproportionate assets, money laundering, illegal possession of property, a case is registered against the person from whom the money is seized and if his guilt is proved, then he is punished. Legal action is taken.
At the same time, if the person against whom the case is registered proves that the seized money is not illegal and his tax is deposited, then in such cases the seized money is returned. But have you ever wondered what happens to the money seized by the Income Tax Department or the Enforcement Directorate during raids ? Let us explain to you…
What happens to the money seized in the raid?
Be it the Income Tax Department or the Enforcement Directorate (ED), the agency that investigates money laundering, whenever these investigating agencies conduct raids and seize money, almost the same procedure is followed except for a few legal provisions. This is completed in several stages.
Before conducting a raid, ED or Income Tax Department has to take permission through its due process. To stop the dispute, regular raids are carried out with the police force.
The amount is counted before it is confiscated. This work is done by the main branch of State Bank of India (SBI) of that area, which sends its officers to the place of seizure.
After counting the seized items and amount, a complete list is prepared. It is also noted how many notes of which amount were there in the amount found. After this, in the presence of an independent witness, it is filled in a box or bag and sealed.
After that this amount is sent to the branch of State Bank of India. Where it is credited to the department’s account, however, the department cannot use this amount. In the case of Dheeraj Sahu also, the seized amount has been deposited in the main branch of State Bank of India .
After this action, that person is given full opportunity to tell his money or sources of income. If this earning is found to be legitimate then it is returned to the person. If he is not able to prove its validity, then this amount is deposited neither in the bank nor in the department but in the treasury of the Government of India.
It is worth noting that till the legal and court proceedings continue in this matter. Till then neither the government, nor the investigating agency, nor the bank, anyone can use this amount. This bus remains lying in the chest of SBI. The sole purpose of confiscating the amount is to prevent the accused from using it immediately.
