Spot Realistaion Cheques - A fraud?
A fine modus operandi of fraud propagated by a young Assistant Commissioner has come to our notice. This young but brash officer makes a big show of the raids conducted by him and he would coerce the victims into admitting tax liabilities and force them to issue post dated cheques. He would proudly present those cheques before his Commissioner who would invariably say, “Shabhash”. Later he would negotiate (the cheque is a negotiable instrument!) with his victims and make them ensure that the cheques are not honoured and he promises them that no action would be taken against them – for a nice consideration for himself. Everybody is happy!
It is shocking that young IRS officers are indulging in this kind of fraud. A frustrated businessman asked me, “what will be the fate of this country when this young officer becomes the Chairman of the Board?” I told him there is no such danger as these brash officers will get caught on the way and their ultimate goal is the gaol (without their realizing it)