Rs 157 crore black money detected in tax raids on two business groups in Bengal

The Income Tax Department has unearthed unaccounted income of more than Rs. 157 crore crore in search and seizure operations on two business groups operating largely in the Northern region of Bengal, according to information provided by the Finance Ministry today.

The first business group, controlled by a person with an active political background, is engaged in a variety of businesses ranging from production and sale of edible rice bran oil, mustard oil, de-oiled rice bran, different types of chemicals and real estate. Black money to the tune of Rs 40 crore was detected in raids on 23 premises spread over Uttar Dinajpur, Dakshin Dinajpur, Malda, Kolkata, Siliguri in West Bengal and Guwahati in Assam and surrounding areas.

The search action revealed that the group was suppressing its yield and making unaccounted cash sales of edible oils and rice bran. Several instances of cash transactions not recorded in regular books of account have been detected during the search operation. Handwritten notes, documents and digital evidence containing extracts of cash transactions have been seized. Parallel cash books and bogus claim of expenses have also been found, according to the official statement.

The search operation conducted on the close business associate of the main business group, who is a leading exporter of agro products in Malda district of North Bengal, incriminating documents against cash payments in land acquisition to the tune of Rs. 17 crore (approx.) have been found. Details pertaining to unaccounted cash receipts of about Rs. 100 crore were also found, according to the official statement.

The search action has resulted in seizure of unaccounted cash of Rs.1.73 crore. In addition, unaccounted jewellery worth Rs.1 crore has been seized, the statement added.

Further investigations are in progress.