Highlights:

  • Over Rs 8 crore unexplained cash has been seized & 9 bank lockers have been found.
  • Unexplained various countries’ foreign currency of more than Rs 44 lakh has been seized.
  • The unaccounted income of Rs 259 & Rs 90 crore has been introduced by the group.

On 18th February, Income Tax Department performed a seizure and search operation in Betul based Soya products manufacturing group’s 22 premises including Madhya Pradesh’s  Betul and Satna, Maharashtra’s Mumbai, and Solapur & West Bengal’s Kolkata. The IT department has found implicating proof of digital media like Laptops, hard drives, pen drives, etc and seized. So far, undisclosed earnings of over Rs 450 crore have been exposed from the investigation. Further investigations are underway.

Throughout the search operations, over Rs 8 crore unexplained cash and unexplained various countries’ foreign currency of more than Rs 44 lakh have been seized, and also during the course, 9 bank lockers have been found.

The unaccounted income of Rs 259 crore has been introduced by the group as a way of Share capital’s introduction at a huge premium from Kolkata-based shell companies.

Also, the undisclosed income of Rs 90 crore has been introduced by the group in its accounts books as a way of paper investments’ sale in shell companies to Kolkata’s another set of shell companies. No companies were found to be operating at the shown address and such paper companies’ identity or any of its Directors was not confirmed by the group. It was found that the Ministry of Corporate Affairs struck off many of these paper companies.

Due to the search, it was disclosed that the group has claimed a fake loss of Rs 52 crores to suppress their profits by including intra-group out-of-exchange contract settlement. To carry out these transactions, multiple companies were formed in the employees’ name, without any actual business carried out between them. Also, the Directors of these companies were unaware of any such transactions.

Over Rs 27 crore incorrect Long Term Capital Gains exemption on the sale of a group entity’s shares has also been claimed by the group. Investigations disclosed that the purchase of these shares was fake as group directors bought shares of this entity at minimal value from bogus Kolkata-based shell companies. Several types of proof along with chats between the groups’ key persons show hawala transactions of over Rs 15 crore and unexplained Cash payment.

LEAVE A REPLY

Please enter your comment!
Please enter your name here