Income Tax Department raids two business entities across Delhi, Punjab and West Bengal, recovers incriminating documents, digital evidence
Zee News
The first raid on September 18 was on a leading business house of India involved in the manufacture of textile and filament yarn, while the second raid was conducted on September 17 on a prominent group engaged in the manufacturing of steel products.
New Delhi: The Income Tax Department on Tuesday (September 21, 2021) informed that it carried out a search and seizure operation on two business entities across Delhi, Punjab and West Bengal and recovered incriminating documents, digital evidence, among other things.
The first raid on September 18 was on a leading business house of India involved in the manufacture of textile and filament yarn having corporate offices in Delhi, Punjab and Kolkata. The government agency stated that the group has maintained unaccounted funds of about Rs 350 crore in its foreign bank accounts and has also routed these funds back into its business through shell entities in tax havens.
"During the course of the search operation, many incriminating documents, loose sheets, diaries, digital evidence etc have been recovered which indicate involvement of the group in the routing of unaccounted funds back in its Indian entities, possession of foreign bank accounts unreported to the Department. Substantial evidence of transactions outside the books of accounts, cash transactions in land deals, bogus expenses debited in books of accounts, unaccounted cash expenditure, accommodation entries taken from entry operators have been gathered," the IT department said in a statement.
