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Documents indicating heavy investments by film stars seized

Documents indicating investments of nearly Rs 100 million by leading Bollywood personalities in overseas fixed deposits and investments in real estate and mutual funds were unearthed during the two day search operations carried out by Income Tax department.

Officials of the director general of income tax had seized cash and jewellery of Rs 61.9 million and sealed 28 bank lockers during the raids, one of the biggest in recent times, on 33 premises of film personalities which ended Wednesday.

Those covered were Salman Khan, Aiswharya Rai, Rani Mukherjee, Urmila Matondkar, Amrish Puri, film makers Yash Chopra and Yash Johar and his son director Karan Johar, a chartered accountant, who handles financial transactions of some film stars, and a distributor of raw films.

Officials connected with the raids told PTI that they found one leading star, apart from the overseas FDs and foreign remittances, also had deposits totalling Rs 4.5 million in banks.

At the residence of another top star, officials found documents indicating investments of Rs 6 million in mutual funds and about Rs 6.5 million investments in real estate, officials said in Bombay.

During search at the premises of another film personality they found Rs 1.13 million cash and over Rs 1 million worth jewellery. They found documents indicating that the concerned star was involved in hiring out film equipment, horse breeding and developing resorts.

The IT officials said as many as 14 bank lockers of another star, who models for a footwear company, were sealed and cash of Rs 3.5 million seized along with jewellery worth Rs 7.2 million.

In another case, they recovered Rs 30 million in cash and FDs.

A leading producer-director did not account for Rs 20 million received from a television channel besides Rs 130 million overflow received from certain films.

Cash of Rs 5.3 millions was seized from another producer's residence, the officials said.

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