Categories: Economy

Rs 1,500 crore black money trail unearthed in tax raid on Pune & Thane based startup with Mauritius link

<p>
A search and seizure operation carried out by the Income Tax Department on a Pune and Thane based unicorn start-up group has revealed black money transactions to the tune of a whopping Rs 1,500 crore.</p>
<p>
“During the search operation, a complex hawala network of some Mumbai and Thane based shell companies, was unearthed. These shell companies exist on paper, and were created only for the purpose of providing accommodation entries. Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds Rs. 1,500 crore,” according to a finance ministry statement issued on Sunday.</p>
<p>
The group has a pan-India presence with annual turnover exceeding Rs 6,000 crore and is engaged primarily in the business of wholesale and retail of construction material.</p>
<p>
The raids carried out March 9 covered 23 premises of the group in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh, the official statement said. </p>
<p>
A large amount of incriminating evidence in the form of hard copy documents and digital data have been seized during the search operations.</p>
<p>
The search action also revealed that the group had obtained huge foreign funding via the Mauritius route, by issuing shares at an exorbitantly high premium.</p>
<p>
The evidence revealed that the group has booked bogus purchases, made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs. 400 crore, the official statement explained. </p>
<p>
When confronted with the evidence, the Directors of the group confessed to the modus operandi and disclosed additional income of more than Rs 224 crore in various assessment years, and consequently offered to pay their tax liability.</p>
<p>
Unaccounted cash to the tune of Rs 1 crore and jewellery valued at Rs 22 lakh have also been seized. </p>
<p>
Further investigations are in progress.</p>
<p>
<strong>Also read:  </strong><a href="https://www.indianarrative.com/economy-news/rs-crore-black-cash-unearthed-in-tax-raids-on-real-estate-firms-in-ap-telangana-141750.html#:~:text=800%20crore%20in%20search%20and,provided%20by%20the%20finance%20ministry">Rs 800 crore black cash unearthed in tax raids on real estate firms in AP & Telangana</a></p>

IN Bureau

Recent Posts

13th edition of India-Italy Military Cooperation Group meeting concludes in Rome

The 13th edition of the India-Italy Military Cooperation Group (MCG) meeting was successfully conducted from…

13 hours ago

Taiwan slams China’s illegal fishing activities near Dongsha Islands

Taiwan's Coast Guard Administration (CGA) issued a strong condemnation of China for supporting illegal fishing…

16 hours ago

Geneva: BNM chief urges Pashtuns to declare struggle for ‘freedom’, unite with Baloch and Sindhi

Naseem Baloch, Chairman of the Baloch National Movement (BNM), appealed for unity among "oppressed nations"…

18 hours ago

PLI Scheme for telecom and networking products generates over Rs 14,000 crore in export sales

The Production Linked Incentive (PLI) scheme for telecom and networking has generated export sales exceeding…

18 hours ago

“Protect water for future generations”: PM Modi on World Water Day

Prime Minister Narendra Modi on Saturday reaffirmed India's commitment to conserve water and promote sustainable…

19 hours ago

Pakistan: Baloch rights leader Mahrang Baloch arrested while protesting in Quetta

Baloch Human rights leader Mahrang Baloch was arrested by Pakistan's Quetta Police and administration early…

20 hours ago