Rs 2 LAKH CRORE declaration before Income Tax department: What you need to know about Mumbai’s suspicious Sayed family

The family of four members first lived in Ajmer, Rajasthan and in September 2016 the family shifted to Mumbai where they declared their unaccounted income worth Rs 2 lakh crore at the Income Tax department.

Updated: December 4, 2016 7:14 PM IST

By Zeeshan Shaikh

Rs 2 LAKH CRORE declaration before Income Tax department: What you need to know about Mumbai's suspicious Sayed family

Mumbai, December 4: A Mumbai-based family’s income declaration of Rs 2 lakh crore has been rejected by Finance Ministry under the Income Declaration Scheme after it was found “suspicious”, Finance Ministry officials reportedly said. The family of four who reside at Linking Road, Bandra are under the radar of both Income Tax officials and Police as the “amount declared are suspicious in nature” and is “being filed by persons of small means”.

According to news agency ANI, the huge amount of Rs 2 lakh crore declared by a four-member family is identified as Abdul Razzaque Mohammed Sayed, his son Mohammed Aarif Abdul Razzaque Sayed, wife Rukhsana Abdul Razzaque Sayed and sister Noorjahan Mohammed Sayed. All are residents of Linking Road, Bandra West. The Income Tax department officials who are keeping a close watch on the family said that “Three out of the four PAN numbers were originally registered in Ajmer which was later migrated to Mumbai in September 2016, where the declarations were filed”.

The Income Tax department and the Finance Ministry had kept the income declaration for investigation about their genuineness and not included in the total value of declarations that was announced on October 1. The Ministry in its statement said that after due enquiry the declaration of Rs 2 lakh crore was suspicious

The department had kept these two declarations from Mumbai and Ahmedabad pending for investigation about their genuineness and not included in the total value of declarations announced on October 1. “After due enquiry, it was found that these declarants were persons of suspicious nature and very small means and the declarations could have been misused,” it said.

The declarations were made by the family under a scheme announced in this year’s annual budget, under which one can make a declaration of undisclosed income or assets provided one is ready to pay 45 per cent of the declared amount as tax, surcharge and penalty.

Under the IDS, which closed on September 30, declarations of Rs 65,250 crore has been received. But the declaration made by Sayed family is thrice the amount.

Since November 8, after Narendra Modi scrapped old notes of Rs 500 and Rs 1000 and called for demonetisation, businessman sitting on their unaccounted wealth have been running pole to post to convert the income into white.

All you need to know about the suspicious Syed family:

  • The family stays in a posh apartment in Linking road, Bandra (West), where most of the from Bollywood celebrities live.
  • The family of four – Abdul Razzaque Mohammed Sayed (self), Rukhsana Abdul Razzaque Sayed (wife), Mohammed Aarif Abdul Razzaque Sayed (son) and Noorjahan Mohammed Sayed (daughter) – do not seem to have any political connection.
  • The family declared their unaccounted income worth Rs 2 lakh crore this year in September.
  • The family have three PAN Card registered in Ajmer, Rajasthan and one registered in Mumbai. In September the family shifted their PAN details to Mumbai and also declared their income under the IDS.
  • It seems that the family which is probed by the IT officials do not have any political connection.
  • The family is under the radar, as they do not belong to any big business house. As the Income Tax department said that the huge income declared by the family looks suspicious in nature as it is filed by persons who lacked the capacity to accumulate such large amount of wealth.
  • The family first lived in Ajmer and recently shifted to Mumbai.

Read here: The statement issued by Ministry of Finance

Verification of High Value Suspicious Declarations made under the IDS 2016

An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or asset could be made by agreeing to pay forty-five percent (45%) of the declared amount as tax, surcharge and penalty. The scheme closed on 30th September,2016.

On 1st October, 2016, it was announced that declarations totalling Rs. 65,250 crore were received from 64,275 declarants, subject to reconciliation. After final reconciliation the revised figure of actual declarations received and taken on record was Rs. 67,382 crore which had been made by 71,726 declarants.

Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because these declarations were found to be suspicious in nature being filed by persons of small means. A family of four declarants namely, Mr. Abdul Razzaque Mohammed Sayed (self), Mr.Mohammed Aarif Abdul Razzaque Sayed (son), Shrimati Rukhsana Abdul Razzaque Sayed (wife) and Ms.Noorjahan Mohammed Sayed (sister) who were shown as residents of Flat no. 4 , Ground Floor , Jubilee Court, 269-B, T.P.S-III, Linking Road, Bandra (W), Mumbai, filed a total declaration of Rs. Two lakh crore (Rs. 2,00,000 crore). Three out of the four PAN numbers were originally in Ajmer which were migrated to Mumbai in September 2016, where the declarations were filed. The other declaration was filed by one Mr. Mahesh Kumar Champaklal Shah resident of 206, MangalJyot Tower, Jodhpur Gram Satellite, Ahmedabad for an amount of Rs.Thirteen Thousand Eight Hundred and Sixty crore (Rs.13,860 crore).

These declarations from Mumbai and Ahmedabad were kept pending for investigation about the genuineness of the same and were not included in the total value of declarations announced on 1st October, 2016. After due enquiry, it was found that these declarants were persons of suspicious nature and very small means and the declarations could have been misused.

Therefore, after due consideration, the Income Tax Department decided by 30th November, 2016 , to reject these two sets of declarations of Rs.Two Lakh Crore and Rs.Thirteen Thousand Eight Hundred and Sixty Crore respectively. The Department has since commenced enquiries against these declarants to determine the intention behind these false declarations.

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