Income tax department has identified more than 400 benami transactions so far. These include deposits in bank accounts, land, flats and jewelery. Provisional attachment of properties under the Benami Transactions (Prohibition) Amendment Act, 2016 has been done in more than 240 cases. <br/><br/>The department in a statement said, the market value of properties under attachment is more than 600 crore rupees. Immovable properties have been attached in 40 cases with total value of more than 530 crore rupees in Kolkata, Mumbai, Delhi, Gujarat, Rajasthan and Madhya Pradesh. <br/><br/>The Income-tax Department has initiated actions under the new Act from 1st of November last year. It allows for prosecution of the beneficial owner, the benamidar, the abettor and the inducer to benami transactions, which may result in rigorous imprisonment up to 7 years and fine up to 25 per cent of fair market value of the property.<br/><br/>The government is keen to implement the new Benami Act in an effective manner with visible outcomes on the ground and 24 dedicated Benami Prohibition Units were set up all over the country last week. <br/><br/>These units are under the overall supervision of the Principal Directors of Investigation in the Income-tax Department to enable swift action and follow up, especially in cases where criminality has been detected. <br/><br/>The department, has undertaken searches on ten senior government officials during the past one month to unearth black money earned through corrupt practices and introduce accountability and probity in public life.