Income Tax Department conducts searches in Maharashtra

New Delhi: The Income Tax Department carried out a search operation on 03.08.2022 on two major groups engaged in the manufacturing of steel TMT Bars. The search operation covered more than 30 premises spread over Jalna, Aurangabad, Nashik, and Mumbai. 

During the course of the search operation, several incriminating pieces of evidence have been found and seized.

The initial analysis of seized evidence of both the groups has revealed that they were engaged in large-scale tax evasion, resorting to inflation of 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 Rs. 120 crores. 

Examination of pieces of evidence in one of the groups further reveals that it has indulged in layering its unaccounted income through bogus unsecured loans and share premiums, obtained from Kolkata-based shell companies.

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. 

During the search operation, more than 30 bank lockers, including several lockers in the Co-operative Bank, were searched. Huge unaccounted cash and gold jewelry have been found and seized from these lockers.

 Furthermore, a substantial amount of unaccounted cash has been seized from a secret room located on the farmhouse belonging to one of the groups.  

So far, the search operation has resulted in the seizure of unaccounted cash of Rs.56 crore, and bullion and jewelry worth Rs. 14 crores. 

Further investigations are in progress.

Income Tax Department conducts searches in Maharashtra

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