Income tax department raided the businessman’s place, got immense wealth; Officials were also shocked

The officials of the Income Tax Department were also shocked to see the immense wealth in the raid of a businessman in the country’s financial capital Mumbai. That businessman had hidden 9.78 crore cash and 19 kg silver bricks in the walls of the office. It took even the officers of the Income Tax Department six hours to count such a huge amount of cash.

In fact, the Maharashtra GST Department was already aware of the sudden jump in the wealth of Chamunda, a bullion trader living in Zaveri Bazar, Mumbai. The turnover of this businessman was Rs.22.83 lakh in the financial year 2019-20. In the very next financial year (2020-21), it increased to 652 crores. This momentum continued in the next financial year and reached 1764 crores.

Following this, on April 16, Maharashtra GST officers raided the location of the trader in Zaveri Bazar. The officials subsequently discovered that the merchant had kept the GST department in the dark about his operations. During the raid, the businessman’s office walls were found to contain 9.78 crore in cash and 19 kg of silver bricks (worth around Rs.13 lakh). The owner of the location where the raids took place strongly denied knowing anything about them.

The GST Department then locked the office and informed officials from the Income Tax Department. On April 20, officials from the Internal Revenue Service arrived and began counting the money. Counting all of the money took roughly 6 hours. In the meantime, the businessman has petitioned the court for anticipatory bail in order to escape arrest. At the same time, officials from the Internal Revenue Service have begun to investigate the origins of this riches. The Maharashtra GST team is also looking into the situation.