New Delhi(PTI): A day after the Lok Sabha passed the Bill to deal with black money stashed abroad, the court-appointed Special Investigating Team (SIT) has raised concern over transaction of black money in cricket betting and also over the UP government's failure to conduct proper investigation into Rs 900 crore scam involving its employee Yadav Singh (former chief engineer of Noida) while seeking the Supreme Court's intervention.
Submitting its third report in a sealed cover in the court, the judicial panel suggested that top government employees and candidates seeking election should file an affidavit declaring that he or she does not hold any illegal money abroad and in the event of contrary findings, the persons be barred from electoral politics.
In addition, the SIT gave a detailed progress report about 628 Indian account holders who have parked the "ill gotten" money in Geneva's HSBC bank with net amount of Rs 6,400 crore as black money.
In May last year, SIT was set up by the Apex Court comprising two of its retired judges – Justice M B Shah, the chairman, and Justice Arijit Passayat, vice-chairman, to look into the issues related to black money.
Referring to a FICCI report on cricket betting, the SIT said, "A large amount of black money is transacted every year and it goes beyond Rs 3,00,000 crore. This is required to be controlled."
On recovery of huge amount cash from Noida Authority enginer-in-chief Yadav Singh, the SIT contended that the Akhilesh Yadav government in UP has failed to register case under IPC as well as under Prevention of Corruption case against him.
Seeking the top court's direction, the report said said a suggestion was sent to CBI to take over the probe but the premier agency had expressed its inability saying "without authorisation of state government, it would be difficult to carry out investigation."
Income Tax department has already seized huge cash and is in the process of scrutinising documents of real estate projects executed by Singh in the national capital region.
The department found documents relating to a number of companies with which his Yadav Singh's wife is believed to be associated in Noida and other areas.
From his Sector 51 residence, cash worth Rs 10 crore and diamond and gold jewellery worth Rs 100 crore was recovered. Over a dozen bank accounts of the couple and the company operated by them were seized.
It was alleged that Singh's scam runs over Rs 900 crore. He had got the money during his stints as the chief engineer of three authorities (Noida, Greater Noida and Yamuna Expressway) during Mayawati's government and the current Akhilesh Yadav government in UP.
Suggesting that the top central government employees and candidates seeking elections should be asked to give declaration of not having black money, the report said, "Every electoral candidate should file affidavit before elections that he does not hold illegal money abroad."
Suggesting the enactment of legislation, the report said, "Similarly RBI governor, SEBI chairman, CBI director, RAW chief, CVC.... Persons who have accumulated finds abroad should be barred from holding any public office...."
Regarding HSBC foreign accounts, the report said there are 628 cases, out of which four cases are duplicate. In 289 cases, no amount is mentioned and in rest cases total balance is Rs 8,624 crore.
It said Rs 2,224 crore is the total amount that of repeated entries on accounts of joint account holders and assessed a net amount of Rs 6,400 crore.
In addition, the report said 403 cases are actionable. Tax demand of Rs 237 crore is also raised.