Income Tax dept conducts searches at 16 locations in Ludhiana, Delhi, UP
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The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana.
The I-T department said that the main allegations against the group are that it has taken accommodation entries of more than Rs 100 crore in the form of non-genuine unsecured loans from certain Delhi-based shell companies; unusually high sundry creditors; suppression of net profit; and also that a related group chit fund company had received unsecured loans of several crores of rupees from unknown sources.
During the course of search action, the department said it has been established that the shell companies from which loans had been taken exist only on paper and have no real business and credit worthiness.
Directors of these shell companies are dummy, non-filers and individuals of no means.
One of the Directors of these companies has been found to be a taxi driver, having 11 bank accounts, showing huge routing of funds.
Therefore, it has been established that the accommodation entries of more than Rs 121 crore in the form of unsecured loans from these shell companies are bogus and actually represent the unaccounted income of the group, the department said giving an account of its investigations.
During the search, I-T department further gathered that one of these shell companies is a chit subscriber in the group's chit fund concern, which is a violation of the provisions of the Chit Funds Act, 1982.
Search has also revealed huge unaccounted investment in the construction of the residences of the main persons of the group.
The same is being verified and will be referred for valuation later.
Till now gold and diamond jewellery to the tune of Rs 52 lakh has been seized. The sources of acquisition of the remaining jewellery are being verified. The source of total cash found amounting to Rs 1.30 crore is being further verified. A total of seven lockers have been found, which are yet to be operated. #casansaar (Source - IANS, Tribune India)
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