Disguised as a wedding party, over 200 Income Tax officials raids multiple locations in Jalna and other places linked to steel manufacturers
Income Tax officials with the cash seized during raids in Jalna district, on Thursday. Pics/PTI
A Baraat of over 200 Income Tax officials raided premises linked to two steel businessmen and two private financiers across 30 locations in Jalna, Aurangabad, Nashik and Mumbai, and seized cash and gold and confiscated benami properties worth Rs 390 crore, sources said.
I-T officials from Pune, Nasik, Navi Mumbai and Thane districts started the raid on August 1 and concluded it on August 8. They entered Jalna disguised as baraatis in over 60 vehicles, and used codes like ‘Dulhan Hum Le Jayenge’ and ‘Rahul weds Anjali’. They recovered Rs 56 core in cash, 23 kg gold worth Rs 14 crore and confiscated benami properties worth over Rs 300 crore.
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Cash counting still on
The counting of the cash and examination of documents was still underway. The officials believe that a large part of the cash was shifted to some other location.
The I-T department conducted the searches based on intelligence gathered during raids at a steel company. However, it has not shared the details of the company.
Officials count the cash seized during the raids, on Thursday
In Jalna, the officials raided residences, godowns and official premises of the businessmen and the private financers. Sources said the officials didn’t find anything at the official premises, and that the cash was found in a farmhouse, around 8-10 km away from the offices. The cash was in Rs 500 denominations and hidden inside the bedstead and in cupboards. The officials also found more than 30 polythene bags, each containing Rs 1 crore in cash. They also recovered Rs 28 crore from bank lockers. The I-T department took the help of nearby banks to count the cash.
In an official statement, it said the search operation was conducted on two major groups engaged in the manufacturing of steel TMT Bars. It covered more than 30 premises spread over Jalna, Aurangabad, Nashik and Mumbai.
Tax evasion, GST frauds
“The initial analysis of seized evidence of both the groups has revealed that they were engaged in large-scale tax evasion, inflated expenditure through bogus purchases from several entities. These entities have also been found to be involved in GST frauds. Evidence has also been found of excess stock of raw materials, not recorded in the books of account, exceeding R120 crore,” the statement read.
One of the groups layered its unaccounted income through bogus unsecured loans and share premium, obtained from Kolkata-based shell companies, sources said. “The search team has also detected a large number of lockers of both the groups, opened in the names of employees of the companies, which were maintained with a co-operative bank,” officials said.
During the raids, more than 30 bank lockers, including that of the co-operative bank, were searched and huge amount of unaccounted cash and gold jewellery were found.
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