Categories: Economy

Rs 1,000 crore black money trail detected in tax raid on leading Gujarat business group

<p>
The Income Tax Department has detected unaccounted transactions exceeding Rs 1000 crore in a search and seizure operation against a prominent Gujarat group on engaged in diversified businesses of textiles, chemicals, packaging, real estate and education, according to information provided by the finance ministry.</p>
<p>
Unaccounted cash to the tune of Rs 24 crore and unexplained jewellery valued at Rs. 20 crore have been seized during the course of the search, the official statement said.</p>
<p>
The search action on July 20 covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.</p>
<p>
As a result of the search operation, incriminating evidence in the form of documents and digital data has been seized.</p>
<p>
The evidence reveals that the group has been engaged in large scale tax evasion by by way of unaccounted cash sales outside the books of account, booking of bogus purchases and “on-money” receipts from real estate transactions.</p>
<p>
The group has also been found involved in layering of unaccounted sums through share premium from Kolkata-based shell companies. Certain instances of unaccounted income generated through cash based ‘sarafi’ (unsecured) advances have also been found.</p>
<p>
It was also found that the group has been involved in profiteering through manipulation of share prices of its listed companies through operators. Evidences seized also reveal that the group has been siphoning off funds through fictitious entities for personal use of promoters.</p>
<p>
Further, analysis of evidence suggests that the group is also involved in manipulation of books of account of its public limited companies.</p>
<p>
Further investigations are in progress.</p>

IN Bureau

Recent Posts

Brampton: Thousands take out solidarity rally against attacks on Hindu temples in Canada

Over a thousand Canadian Hindus gathered outside the Hindu Sabha Mandir in Brampton, Canada on…

45 mins ago

Jaishankar meets Australian counterpart Penny Wong for Foreign Ministers’ Framework Dialogue in Canberra

External Affairs Minister S Jaishankar was welcomed by Australian Foreign Minister, Penny Wong, at the…

55 mins ago

Israel targets Hezbollah’s intelligence headquarters in Syria

Israel on Monday targeted Hezbollah's intelligence headquarters in Syria. Sharing a post on X, the…

1 hour ago

The ever-growing role of Buddha Dhamma

By Portia Conrad The Buddha Dhamma, or Buddhist teachings, has continued to play an evolving…

1 hour ago

IAF orders enquiry after MiG-29 aircraft crashed near Agra

Indian Air Force (IAF) has said it has ordered an enquiry hours after a MiG-29…

15 hours ago

Paank urges Pakistan to end enforced disappearances following release of abducted students

The Human Rights Department of the Baloch National Movement, Paank, has emphasised that enforced disappearances…

15 hours ago