New Delhi: The rampant use of blackmoney in the light of assembly elections in five states has already been exposed by multiple seizures of crores of rupees in recent days but the major source of this financial help points towards big real-estate companies.

In anticipation of setting up big projects in these states, the companies are providing blackmoney to parties especially in Uttar Pradesh and Punjab.

Alarmed by the situation, the investigative agencies are keeping a watchful eye on real-estate firms, corporate groups and banks.

According to the sources, project investments by these real-estate firms of about Rs one lakh crore are stuck in the two states owing to court orders and government policies. The policies to be laid out by the new state governments will determine the fate of these companies.
Therefore, the firms are spending massive funds on their favourite candidates and parties. In Uttar Pradesh alone, blackmoney of about Rs 10,000 crore is expected to be spent during the assembly elections.

Sources reveal that despite the readiness of the government, the blackmoney agencies are working in a well organized manner. Even ATM vans are being used for the purpose as vans of two leading private banks in Uttar Pradesh have been seized recently. The Reserve Bank of India has been questioning these banks on why there is no written account of the transaction of money.

Though the seizure of massive amount of blackmoney is a result of the pressure by the Election Commission, the central government agencies have also taken active measures. The Central Board of Direct Taxes and the RBI are also keeping a vigil in this regard.

According to Government sources, blackmoney along with the recovery of fake notes have raised some serious questions. On Thursday, the police caught a gang with fake notes worth Rs six crore brought from Pakistan to be used in the assembly polls. It is to be noted, fake notes of Rs 12.25 crore were recovered from April to September in 2011, but such a big amount seized in a single raid is really a matter of concern.

(JPN/Bureau)