C Shivakumar
Chennai:
The $ 5 billion bill of exchange seized from Dharapuram-based copra and groundnuts dealer Ramalingam may be bogus, according to Income Tax officials investigating the case.
IT officials told Express on Wednesday that the bill of exchange is now turning out to be fake but investigation against Ramalingam would continue.
This comes in the wake of Income Tax authorities summoning Ramalingam on Friday for further enquiries in the case. Interestingly, last week officials have stated that it would take atleast a week to ascertain the genuineness of $5 billion bill of exchange.
Officials also said that Ramalingam has been giving different versions and his claims that he got it from a Brazilian for exchange of gold was being verified.
The official said that Ramalingam has been summoned on Friday for investigations into the fixed deposit worth Rs 2 crore. “Although, the bills of exchange may be bogus but we are conducting investigation on his Rs 2 crore fixed deposit for which he has to pay tax,” said the official.
The official told Express that since the bills of exchange proved to be bogus the case is likely to be transferred to the police.
He also ruled out that Ramalingam would be arrested in the wake of bill of exchange turning out to be bogus.
“He won’t be arrested. There has been no complaint against him. For that a FIR has to be filed by somebody,” the official said.
But Ilango, the advocate of Ramalingam, claimed the bill of exchange is genuine and said his client is ready to face any consequences as per the law.
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