Chandigarh, July 9
Sleuths of the Central Bureau of Investigation (CBI) here have so far found unaccounted assets worth Rs 3.5 crore from the homes and offices of five officials of the Excise and Taxation Department, Punjab, following raids by the CBI three days ago.

Sources said the value of the assets like properties, jewellery and other items had been ascertained as per the market price prevailing at the time of acquisition by the suspected officials. However, the actual value of the assets was believed to be several times over the Rs 3.5 crore estimates prepared by the CBI, sources explained.

One of the Excise officials, Mr I.S. Chahal, Assistant Excise and Taxation Commissioner, Patiala, had made cash transactions of Rs 60 lakh in one savings bank account between February, 1999, and March, 2001. He may be one of the biggest catch, sources said while explaining that he had acquired properties at five places across the country. The value of these had been estimated to be Rs 2.90 crore. Besides this household articles worth Rs 15 lakh had been found at his residence. Fixed deposits, National Savings Certificates and shares worth 1.16 lakh had been found.

An interesting case is of Mr G.S. Randhawa, Assistant Excise and Taxation Commissioner, Ropar. He continued to invest and buy benami property in the name of his estranged wife and also his father-in-law. His wife now lives in the USA, sources confirmed. The couple had separated about 12 years ago and since then Randhawa had been purchasing property. The CBI is still in the process of counting and matching the exact value of the properties. Somehow he had also managed to get some kind of information on impending searches by some investigating agency.

Sources in the CBI today said that after conducting the searches, the sleuths are trying to identify the various properties acquired by officials of the department. Investments in various banks and other financial institutions are also being screened.

The Punjab and Haryana High Court had earlier directed the country’s premier investigating agency to identify sales tax officials of Punjab, who in connivance with traders and transporters were involved in large-scale evasion of sales tax and thus causing huge losses to the state exchequer.

As per the CBI’s list investments in banks to the tune of Rs 15 lakh were recovered from the house of Mr Manmohan Singh, Deputy Excise and Taxation Commissioner, Patiala, along with 1 kg of gold, 1 kg of silver ornaments and silver utensils. Besides this Rs 1 lakh in cash and documents relating to benami properties at various places in Punjab and other states were found at his residence.

From the searches on Additional Managing Director Punjab Warehousing Corporation, Mr M.L. Sharma, the CBI has recovered household articles worth Rs 4.75 lakh, jewellery worth Rs 1.20 lakh and Rs 58,000 in cash. Besides this investments in banks, NSCs and shares worth Rs 2. 50 lakh, have also been recovered from Mr Sharma, who was earlier posted as Deputy Director Enforcement, Excise and Taxation, at Chandigarh. Attempts were also being made to ascertain investments made by the him in properties across the country.