Mangaluru, Feb 24: Income Tax officers on Thursday conducted searches on the on the business and residential premises of entrepreneur and Janata Dal (Secular) leader B M Farooq over alleged undisclosed income.
Farooq, who contested the Rajya Sabha election in June on a JD(S) ticket, had declared assets worth Rs 750 crore. According to the affidavit, Farooq is a shareholder in 16 companies.
Sources said that Mr. Farooq, whose business interest spans across power, logistics and shipping, and real estate among others, has his stakes in at least eight firms. Another source said Greenco Energies Pvt Ltd, which as per the election affidavit has given a Rs 4-crore unsecured loan to Farooq, is also on the radar.
Greenko’s subsidiary AMR Power Private Ltd. built and operates the 24.8 MW run-of-river hydropower project on the banks of the Netravati in Bantwal taluk in the district. Since the company had several transactions with Mr. Farooq, it was subjected to search and inspection.
Mr Farooq’s affidavit has an entry about loans taken by him from individuals and entities to the tune of Rs 51 crore. This includes unsecured loans from companies that are into energy-related businesses. Some firms have given unsecured loans up to Rs 15 crore. An officer said the raids would continue for another day or two.
Mr Farooq is the younger brother of Congress leader and Mangaluru North MLA B A Mohiuddin Bava.
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