Nagpur: In a recent development, the Income Tax Department has received crucial details from the police regarding the high-profile Rs 77 crore online betting case. This revelation comes after a delay of over two weeks, during which the tax authorities had been awaiting information from police. The focus of the investigation is squarely on an individual identified as Ananth Jain, also known by the alias Sontu, who is alleged to be the mastermind behind the illicit betting operation, according to a report in a local English daily.
Ananth Jain, the prime suspect in this elaborate betting scheme, remains at large and is believed to have fled to Dubai. The police have already seized a substantial sum of Rs 17 crore in cash and a cache of 14 kilograms of gold from his premises. As of now, the seized cash remains under police custody.
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Monday 10 Feb. 2025
According to the report, the collaboration between the police and the Income Tax Department gained momentum when the police shared the First Information Report (FIR) and the panchnama detailing the confiscated cash and assets with the tax authorities. The subsequent steps of the investigation are expected to unfold with a meticulous inquiry into Ananth Jain’s financial affairs.
As per legal procedures, the inquiry will primarily target Ananth Jain as the individual on whose premises the significant cash and assets were discovered. This pivotal step is rooted in the law’s stipulation that investigations must commence with the person linked to the location of the seized assets.
The origins of this case trace back to a complaint filed by a Gondia-based businessman who reported a staggering loss of Rs 77 crore in an intricate online betting racket. Despite the recovery of a portion of the amount, the complainant’s losses remain substantial at Rs 58 crore.
Maintaining the complainant’s identity in confidentiality has sparked speculation and curiosity about the individual who incurred such substantial financial losses. The trajectory of the income tax investigation hinges on the complainant’s assertion of ownership over the funds. Upon claiming ownership, the complainant would be required to validate the source of the funds and fulfill any tax obligations associated with them.
Preliminary findings from the investigation have illuminated inconsistencies in Ananth Jain’s financial declarations. His reported income in tax returns has remained relatively modest, ranging between Rs 5 lakh to Rs 7 lakh per year. Furthermore, irregularities in his tax filing history have raised further suspicions.
In the event of a lack of response from Ananth Jain to the income tax notices or if no individual comes forward to stake claim to the seized assets, the Income Tax Department could potentially take possession of the assets. Subsequently, these assets could be classified as benami property and ultimately contribute to the government’s exchequer.
