The Income Tax Department has asked Ravi Gupta to explain transactions worth Rs 134 crore incurred in 2011-12, at a time when he earned Rs 7,000.
The notice seeking an explanation of the transactions were incurred in a business account opened with Gupta's Permanent Account Number (PAN) number, The Times of India reported.
The assessee, who hails from Madhya Pradesh's Bhind district, told the paper that he does not know how the account was opened, and suspects that it was a case of money laundering.
Gupta said his own investigation into the company revealed a link to absconding jewellers Mehul Choksi and Nirav Modi. He claims the transactions were made by a Gujarat-based diamond trading company.
Modi and Choksi have been named in the Punjab National Bank (PNB) fraud, which is estimated to be over Rs 14,000 crore.
“I was hardly 21 when these transactions were made. I had not been to Mumbai or Gujarat in 2011 or 2012. I was then working with a private firm in Indore, earning Rs 7,000 a month, which is non-taxable,” Gupta said.
The I-T department has threatened to attach his properties to recover the money, Gupta told the publication, adding that he has written to the Madhya Pradesh cyber cell, Maharashtra police, the Prime Minister’s Office (PMO) and I-T officials to help resolve the case.
Gupta can file a complaint and demand an investigation, the article quotes a senior I-T officer as saying.