CBI Court orders 3 Year Jail-term and 2 Lakh Penalty on Former IRS Officer and Wife in Disproportionate Assets Case
The issue arose when the CBI was made privy that the former officer and his wife had been holding assets beyond their pecuniary resources
Disproportionate assets case – IRS officer and wife case – CBI – Former IRS officer CBI Case – taxscan
Disproportionate assets case – IRS officer and wife case – CBI – Former IRS officer CBI Case – taxscan
The Hon’ble Prl. Spl. Judge Court for CBI Cases, Visakhapatnam (CBI Court) recently sentenced a former Indian Revenue Service (IRS) Officer and his wife to a 3 year jail sentence, along with a total fine of Rs. 2 Lakh in a case pertaining to their holding of disproportionate assets.
Through a press release dated 30.12.2024, the Central Bureau of Investigation (CBI) announced the sentencing of the 2 accused, namely, Rayabharapu Venkata Lakshmi (RVL) Narasimha Rao, then Assistant Commissioner of Central Excise & Customs (Retd. IRS: 2007), Kakinada, East Godavari District, Andhra Pradesh and his wife Rayabharapu Gowri Ratnam.
Know When to Say No to Cash Transactions, Click Here
The case against both of the accused arises from the financial activities undertaken by the former IRS Officer during the period between 01.07.2007 and 04.08.2011 while he functioned as a public servant working with the Department of Customs. It was discovered that the arraigned officer was in possession of numerous movable and immovable properties registered in both his, and his wife’s names.
The total value of the disputed assets, including movable and immovable properties were found to be in complete disproportion to the Ex-Officer’s known sources of income by Rs.31.20 Lakh - translating into a 71.81% of disproportionate assets that the accused had not been able to satisfactorily account for.
Know When to Say No to Cash Transactions, Click Here
Offences alleged against RVL’s wife, Gowri Ratnam included abetting her husband to illicitly acquire numerous assets in her name which were much beyond her pecuniary resources.
Procedurally, the CBI Court also ordered the CBI to initiate appropriate proceedings for the confiscation of the disputed properties equaling approximately Rs.27.57 Lakh in the disproportionate assets.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
