Fake Stamp Paper case scam mastermind Abdul Karim Telgi has been slapped with Rs 121 crore as tax liability and penalty by the Income Tax department.
The department, which has also been roped in by the Central Bureau of Investigation, for assessing the wealth of Telgi, assessed the income of the accused at Rs 168.59 crore, IT sources said.
They said that after making an assessment of Telgi's tax liability including penalty, he was asked to cough up a total of Rs 121 crore for his wealth.
IT sources said Telgi, against whom the CBI was preparing to file chargesheet in various cases, had filed his income tax return declaring his assets and income at a meagre Rs 2.88 crore as against Rs 168.59 crore assessed by the Tax department during the last five years.
The department has also started mortgaging his property to recover the dues and recently one of his properties in Bangalore was auctioned by the department for Rs 1.43 crore.
The remaining properties of Telgi would be auctioned to recover the tax dues, they said.
In a bid to find the financial implication of the fake stamp paper case, the CBI had constituted a seven-member team to analyse the bank transactions of people involved in the scam including Telgi.