Rs 1,000 crore black money trail detected in tax raid on leading Gujarat business group
- The Income Tax department has raided 58 premises spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata belonging to a Gujarat-based prominent business conglomerate engaged in diversified fields of textiles, chemicals, packaging, real estate and education.
- The group has been engaged in large-scale tax evasion by adopting various methods, including, by way of unaccounted cash sales outside the books of account, booking of bogus purchases and on-money receipts from real estate transactions, as per the statement released by CBDT.
- It was also found that the group has been involved in profiteering through manipulation of share prices of its listed companies through operators. Evidences seized also reveal that the group has been siphoning off funds through fictitious entities for personal use of promoters. Further, analysis of evidence suggests that the group is also involved in manipulation of books of account of its public limited companies.
- The search action has resulted in unearthing unaccounted transactions exceeding Rs 1000 crore. So far, unaccounted cash of Rs 24 crore and unexplained jewellery, bullion, etc valued at Rs 20 crore have been seized during the course of search.