Hyderabad Income Tax officers are in for a big shock when they were investigating the case of city based businessman Banapuram Laxman Rao (BLR), who earlier declared Rs.9,800 Crore black money under Income Declaration Scheme but failed to pay first installment tax.
IT sleuths searched his house in Film Nagar yesterday and found clues of Laxman Rao having connection with Barkas Baba alias Baba Shaukat Ali from Barkas, Hyderabad. Further investigations revealed that Barkas Baba and his gang trapped BLR in their net using rice pulling coins.
Baba told him to arrange huge sum for buying rice pulling coins exploiting on BLR’s blind belief weakness. Actually, rice pulling coins are antique metal objects supposedly attract rice grains. These coins made of iridium are assumed to have magical powers and can bring good fortunes or can be sold to space research organizations at Crores value.
BLR believed in Barkas Baba, gave him hundreds of crores by opening six to seven fake companies registered on BLR name waiting for foreign based space research organizations to approach him. In this process, BLR declared 9,800 Crores worth black money under IDS scheme assuming foreign funds flow into BLR corporate accounts. At the final hour, Barkas Baba gang escaped from scene and BLR is deep buried in financial debts with nearly Rs.400 to 500 Crores loans pending for repayment.
An interesting black money case to be solved under IDS has now become a notorious cheating Barkas Baba case.