If a person gains lots of money in a short period in his bank account like millions/ billions, will he be confronted with any inquiries? If yes, what kind of inquiries? And why? What if such money just appeared in his bank account?
Answers (1)
Yes there would. The government would investigate it. . Why well one they look for all taxable money they can. Two they look into any illegal activities. They need to know where it comes from. Why you got it . The government could put a freeze on your account until you can prove you got all the money legally. Once you prove it is all legal then must pay any and all taxes owed on the money. It is required for all banks to file a report on any huge deposits into an account.