• Home
  • Article
  • IT Department Raids Steel Company manufacturing TMT Bars; Seized Rs.70 Crore of Cash and Gold

Team Studycafe | Aug 12, 2022 | Views 2

IT Department Raids Steel Company manufacturing TMT Bars; Seized Rs.70 Crore of Cash and Gold

IT Department Raids Steel Company manufacturing TMT Bars; Seized Rs.70 Crore of Cash and Gold

The Income Tax Department carried out a search operation 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 on 03.08.2022.

Several incriminating items have been discovered and seized during the search operation.

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. Additionally, it has been discovered that these organisations have committed GST scams. A surplus stock of raw materials worth more than Rs. 120 crores that was not reflected in the books of accounts has also been proven.

Examining the evidence in one of the groups also discloses that it has engaged in layering its unexplained income through phoney unsecured loans and share premiums collected through Kolkata-based shell firms.

The search team has also discovered a sizable number of lockers belonging to both groups that were kept at a cooperative bank and were opened in the names of the company’s employees. More than 30 bank lockers, including some in the Co-operative Bank, were searched as part of the search operation. Large amounts of undeclared money and gold jewellery have been discovered and taken from these lockers.

A significant sum of unexplained money has also been seized from a hidden room on the farmhouse owned by one of the organisations.

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

Further investigations are in progress.

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button

Join Membership

In case of Any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Leave a Reply