Asaram Ram Bapu’s undisclosed income Rs 2300 crore: IT Dept

The Income Tax department probe revealed that Asaram Bapu had been holding undisclosed income of nearly Rs 2300 crore since 2008-09 thereby the department has recommended cancellation of tax breaks given to charitable trusts controlled by him.

The Indian Express reported that the tax department has also unearthed “benami investments” allegedly linked to Asaram and his followers in real estate, mutual funds, shares, Kisan Vikas Patras and fixed deposits running into several crores, said sources. Most of these investments were allegedly done through seven Kolkata-based private companies which were acquired by Asaram and run by his followers, said sources in the tax department.

An appraisal report prepared by the investigation wing of the IT department has also found that Asaram, through his followers, allegedly ran a lending scheme that offered cash loans to individuals and entities, including prominent builders, at a monthly interest rate of 1-2 per cent. – The Indian Express reported.

“The money was loaned in cash, with post-dated cheques, promissory notes and land-purchase deeds as security. We suspect that the scheme was used by Asaram and his followers to conceal donations received by the ashrams,” said IT sources.

Asaram has been in a jail in Jodhpur since September 2013. Two months later, he, along with his son Narayan Sai, was booked for the alleged rape of two sisters at their ashram in Surat, Gujarat.

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