By Benami section of Income Tax department, former Mumbai Police Commissioner Param Bir Singh’s close aide is under investigation.
Jitendra Navlani, alias Jeetu Navlani and his wife Bhumika Puri, along with their company Bonanza Fashion Merchants Pvt Ltd., received a show-cause notice recently.
During the investigation of the company owned by Jitendra Navlani and his wife Bhumika Puri, the IT officials found that the company was not a real business and was just a shell entity.
The IT officials issued this show-cause notice as they also found that under the Prohibition of Benami Property Transaction Act (PBPT) 1988, was a Benami owner of a flat in the Pune district.
The company Bonanza Fashion Merchants Pvt Ltd. had no source of real income when the property was being purchased; a detailed investigation by the IT Department revealed this information.
The IT Department recorded several statements of people, and it revealed the sources of purchases were from bogus securities premium as per the return of income.
Only when the present directors Navlani and his wife Bhumika were appointed the Benami property was routed through different shell entities and registered in the name of the benamidar.
It was also revealed by the investigation that the Benami properties acquired were for the beneficial purposes of Jitendra Navlani and Bhumika Puri and that the benamidar is a shell corporation.
The Benami transactions were made solely for beneficial purposes and the benefits were enjoyed by Jitendra Navlani and Bhumika Puri.
It was found that these transactions were entered by the benamidar upon the couple’s instruction along with Shirish C Shah, the hawala operator.
The IT officials recorded Hawala operator Shirish Shah’s statement in which he revealed about helping Jitendra Navlani through the whole process.
He further revealed that the entries of premium shares from paper entities were used in acquiring the Benami property in the name of Bonanza Fashion was used.
Under the Anti-corruption Bureau (ACB) of Maharashtra Police, Jitendra Navlani, along with Param Bir Singh, are under inquiry. Dange, in his complaint, stated that in 2019 he did not allow Param Bir Singh’s close friend Navlani to run his breach Candy’s pub in 2019 beyond permissible time limits and hence was suspended by Param Bir Singh last year.