IT official seized Rs.4 Crores from Dhanbad based Coal Traders

With the recovery of Rs. 1 crore in cash on Friday, the total cash recovered in income tax searches of the premises of two Dhanbad-based coal barons now stands at Rs. 4 crore.

Narsingh Khalko, Additional Director (Investigation), stated that IT officers have confiscated nearly 2.5kg of gold jewellery and investment documents worth Rs. 200 crore so far.

“We are still getting documents related to various investments and anything significant can be said only when we analyse the papers after the raids are over,” he went on to say.

Furthermore, a significant difference in stocks of a Raigadha-based sponge iron factory has been discovered, and SAIL valuators are currently evaluating the actual stocks shown in the books as well as unaccounted stock discovered during the search, he said. He also added that there appears to be a significant difference in coal stock of different hard coke industries owned by the two coal barons, but they have yet to receive reports from expert evaluators from BCCL and CMPDI.

According to him, income tax officials were busy getting backups of mobile phones and laptops discovered at various sites, which would then be submitted to forensic investigation to obtain information about their transactions and connections to other organisations.

He anticipates that searches at 56 locations, including 38 for coal baron Anil Goyel and 18 for Deepak Poddar, will be completed by Saturday.

However, the stock valuation may take longer.