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

“Whatever the verdict, our relationship with US will only grow”: EAM Jaishankr on US Presidential Elections

External Affairs Minister S Jaishankar held a joint presser with his Australian Counterpart Penny Wong,…

12 mins ago

‘Political space given to extremist forces’: EAM Jaishankar on attacks on Hindu temples in Canada

External Affairs Minister, S Jaishankar expressed concerns about the recent attacks on the Hindu temples…

2 hours ago

Coast Guard Chief S Paramesh calls on Navy Chief Admiral, deliberates on ICG’s operational readiness

Indian Coast Guard Chief Director General S Paramesh has called on Indian Navy Chief Admiral…

2 hours ago

North Korea launches short-range ballistic missiles ahead of US elections

Just a few hours ahead of the presidential polls in the United States, North Korea…

2 hours ago

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…

3 hours 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…

3 hours ago