The central agencies are seriously looking for controversial NRI businessman Faris Abubaker, whose dubious transactions and political connections have long been under investigation.
Investigators from the Income-Tax (IT) Department and the Enforcement Directorate (ED) are gathering crucial evidence against Faris after a preliminary investigation revealed he had made significant black money investments in the real estate industry.
The ED’s action came just after I-T investigators searched his homes and workplaces based on a referral from its intelligence wing. Following a similar raid on Monday, the search operation proceeded yesterday with I-T inspectors visiting his home in Nandi, Koyilandy.
I-T detectives started their investigation into him after receiving a top-secret tip that unreported funds totaling Rs 100 crore had lately entered Faris’ real estate enterprises. The authorities then conducted simultaneous inspections in New Delhi, Mumbai, Bangalore, Chennai, Kochi, and Kozhikode. According to their preliminary analysis, the funds were brought into Kochi illegally via hawala networks in order to invest in a flat building that was still being built. The Kochi offices of the construction company were searched by the I-T detectives. For the second day yesterday, they also examined various centres in Chennai associated to Faris.
The investigations into Faris’ financial dealings are being carried out by the I-T department’s Chennai and Kochi sections, as well as the ED’s Kochi and Kozhikode units.
