I-T raid in WB leads to seizure of Rs 75 lakh cash, jewelry worth crores

New Delhi : The Income Tax Department conducted a search and seizure operation on a prominent Kolkata-based business group, engaged in manufacturing of TMT Bars and structural construction materials on December 1, 2021, it was reported on Monday.

The search, which covered more than 20 premises spread over West Bengal and Odisha, resulted in the seizure unaccounted cash worth Rs 75 lakh and jewellery valued at Rs 2.26 crore while certain bank lockers were placed under restraint.

“The search operation has so far has led to the detection of total unaccounted income of around Rs 100 crore,” an official statement said.

“The action unearthed various methods of tax evasion adopted by the group. A large number of incriminating evidences in the form of documents and digital data demonstrating high value unaccounted cash payments, unaccounted cash purchase and sales, suppression of production, etc have been found and seized. A preliminary analysis of these evidences reveals that many paper/shell companies are being run by the group to provide accommodation entries to its flagship concerns,” the statement said.

The shell entities were found to have allegedly routed back their unaccounted money in the guise of share capital or unsecured loan into the account books, it said.

“Such modus operandi has been admitted by one of the key persons of the group,” the statement added.

About Post Author