The Income Tax Department conducted a search operation on 03/08/2022 in two major groups engaged in the production of TMT steel bars. The search operation involved more than 30 properties spread across Jalna, Aurangabad, Nashik and Mumbai.
During the search operation, several incriminating evidences were found and secured.An initial analysis of the seized evidence of both groups revealed that they were involved in large-scale tax evasion, resorting to inflation of expenses through bogus purchases from several entities. These entities were also found to be involved in GST fraud. Evidence was also found of excess stock of raw materials, not recorded in the books of accounts, exceeding Rs. 120 million crowns.
Examination of the evidence in one of the groups further reveals that it indulged in layering its unaccounted income through bogus unsecured loans and share premium obtained from shell companies based in Kolkata.The search team also uncovered a large number of lockers of both the groups, opened to the names of the employees of the companies, which were kept with the cooperative bank. During the search operation, more than 30 bank lockers were searched, including several lockers in the Cooperative Bank. Huge unaccounted cash and gold jewelery were found and seized in these lockers.
In addition, a significant amount of unaccounted cash was seized from a secret room located on a farm belonging to one of the groups.The search operation has so far led to the seizure of unaccounted cash of Rs 56 crore and precious metals and jewelery worth Rs. 14 million.
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