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Friday, August 12, 2011

MOLLYWOOD IT RAIDS: Assets worth Rs 30 cr found with Mohanlal, Mammootty!

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Press Trust Of India / /Posted on Aug 12, 2011 at 04:00pm IST.

Kochi: Income tax raids on residences and business establishments of Malayalam superstars Mammootty and Mohanlal have revealed undisclosed assets worth about Rs 30 crore, a top I-T official said on Friday.

"Inquiries so far have indicated undisclosed assets worth approximately Rs 30 crore," ET Lukose, Director General of Income Tax (Investigation), Kochi said in a statement.

Cash and jewellery amounting to Rs 2.8 crore were seized during simultaneous raids at their residences and business premises across Kerala, Tamil Nadu and Karnataka on July 22.

For over a decade, the film field had not been investigated, IT sources said.

According to Lukose, the searches have concluded and preliminary post search inquiries have been initiated. The undisclosed income earned was found to have been invested in real estate and assets abroad, he said.

Inquiries with banks within and abroad were being conducted. Investments in immovable and movable properties made in foreign countries are also being investigated through appropriate channels. Undisclosed cash deposits in bank accounts are being tabulated, he said.

Mohanlal's huge collection of valuable antiques and priceless paintings have been referred to experts for valuation.

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