Income Tax Department carried out Major Raids on Finance Brokers at Nagpur

The Income Tax Department conducted raids at seven premises associated with two finance brokers in Nagpur on Tuesday in a major crackdown. The operation targeted their residences and offices located in Civil Lines and Wardhaman Nagar. As per reports in a local daily, the searches were carried out by a team comprising approximately 35 officials, including senior officers.

The operation began at 9 a.m., contrary to the usual practice of the department to start searches at around 6 or 7 a.m. It is said that some senior officials from Mumbai and Pune were involved, hinting that something was amiss.

As per the reports, during the raids, jewellery, large sums of money, and other valuables were discovered. As part of the investigation, the lockers of the bank owned by the two brokers were also opened and checked. The investigation goes along with an earlier case where unexplained cash was seized from Mumbai, and the two brokers were arrested for their involvement with the seized cash.

Bunty Agrawal and Sanjay Kanoria have been identified as brokers. Currently, they are all under scrutiny as suspects of engaging in undisclosed financial activities related to the cash seizure in Mumbai. The raids that were started on Tuesday seem to be continuing as officers are on the mission of further investigating their financial transactions and potential irregularities.

These raid operations show the Tax Department’s efforts to combat financial fraud and tax evasion. The investigation’s results will likely expose more undisclosed assets and further financial discrepancies. Further information related to the probe is awaited.