IT department raids Gujarat-based business conglomerate

NEW DELHI : The Department of Income Tax announced on Tuesday that it conducted a search and seizure operation on July 20 at a major business conglomerate active in textiles, chemicals, packaging, real estate and education.

The raids covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata, the department said, adding that incriminating documents and digital data were recovered during the operation.

Unposted transactions exceeding 1,000 crore was discovered in the raid, he said. In addition, the unaccounted cash value 24 crores and jewelry, bullion, etc. unexplained worth 20 crore, were seized in the operation.

Evidence reveals the group engaged in large-scale tax evasion through unrecorded cash sales off the books, booking fake purchases and cash receipts from real estate transactions, it said. the Department.

The group has also been involved in layering unaccounted sums through share premiums from Kolkata-based front companies. Some cases of unrecognized income generated by “sarafi” (unsecured) cash advances were also discovered.

The department also found that the group had been involved in profiteering by manipulating the share prices of its listed companies through traders and that it had misappropriated funds through shell entities for personal use. promoters.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Comments are closed.