New Delhi, November 20
The Income-Tax Department has seized Rs 52 lakh worth gold and diamond jewellery after it raided multiple locations of a “leading” Uttar Pradesh-based cattle feed producer of north India, the CBDT said on Friday.
It said the search and survey operation was launched on November 18 and 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana were covered and the total unaccounted income of the group is estimated at Rs 121 crore.
“Till now gold and diamond jewellery to the tune of Rs 52 lakh has been seized. The sources of acquisition of the remaining jewellery are being verified.”
“The source of total cash found amounting to Rs 1.30 crore is being further verified,” the CBDT, the administrative authority for the tax department, said in a statement.
It added that seven lockers have been found, which are yet to be operated.
“The main allegations against the group are that it has taken accommodation entries (hawala) of more than Rs 100 crore in the form of non-genuine unsecured loans from certain Delhi-based shell or dummy companies, unusually high sundry creditors, suppression of net profit and also that a related group chit fund company had received unsecured loans of several crore from unknown sources.”
“During the searches, it has been established that the shell companies from which loans had been taken exist only on paper and have no real business and creditworthiness,” it said.
The CBDT said the directors of these shell companies are dummy, non-filers and individuals of no means.
“One of the directors of these companies has been found to be a taxi driver, having 11 bank accounts, showing huge routing of funds,” it said.
“Therefore, it has been established that the accommodation entries of more than Rs 121 crore in the form of unsecured loans from these shell companies are bogus and actually represent the unaccounted income of the group,” said the CBDT.
It said one of these shell companies is a chit subscriber in the group’s chit fund concern which is a violation of the Chit Funds Act, 1982.
“Search has revealed huge unaccounted investment in the construction of the residences of the main persons of the group. The same is under verification and will be referred for valuation,” it said. PTI
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