Mining, Real Estate Biggest Generators Of Black Money, Says SIT Report

BANGALORE: The Special Investigation Team (SIT) on black money constituted by the Narendra Modi led government has submitted a report on its findings and recommendations on the illegal funds issue to the Supreme Court. In the report, mining and real estate sectors has been identified as the biggest generators of illegal funds.

Headed by retired Supreme Court judge Justice M B Shah, the SIT met for the first time on June 2 and then separately held meetings with various departments and agencies on the panel over a period of two months.

According to the sources, the team is understood to have chronicled a number of potential black money and illegal foreign funds cases that are expected to deliver results in the near future.

A detailed record on the recommendations made by the panel to various government agencies in the investigative and enforcement domain is also understood to have been prepared by the panel.

"It will be like an action taken report. The apex court will be informed about the developments which have taken place since the government notified the SIT on the directions of the Supreme Court," sources said.

The SIT, apart from Justice Shah has another former judge of the apex court, Arijit Pasayat, as its vice-chairman besides 11 members, who are the heads of a number of investigative and enforcement agencies of the country.

It can be noted that PM Modi during his poll campaigns had extensively raised the issue of black money stashed in foreign locations and had promised to unearth black money and utilize it for nation's development, if voted to power.

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