In late-night raid on company listed on BSE and NSE, I-T sleuths discover documents proving fake claims of expenditure, seize R20 lakh in cash
In late-night raid on company listed on BSE and NSE, I-T sleuths discover documents proving fake claims of expenditure, seize Rs 20 lakh in cashu00a0
ACTING on a tip-off, the Income Tax department raided all 14 offices of an Andheri-based software company, Vakranjee Software Limited, late last night.
In the raid, which was still on at the time of going to press, officials recovered Rs 20 lakh in cash and seized documents showing discrepancies of Rs 72 crore in the company's claims of expenditure.
According to I-T sources, the company, listed with both the National Stock Exchange and the Bombay Stock Exchange (BSE), showed bogus expenditures and lesser profit than it actually made.
Officials found documents showing that the company had bought software from two firms but the claim existed only on paper.
Bogus firmsThe companies from which they claimed to have bought the software were found to have a fake name an address. The officials suspect that more such bogus companies will be discovered during the course of the raid.
"The raid is going on in six premises and eight others are being searched, including the residence of company owner Dinesh Nandwana. The company is listed on both the NSE and the BSE," said an officer.
BP Gaur, director general (investigations) of the I-T department, confirmed the raid. "We will share more details tomorrow as the search is still going on," he said.
