January 30, 2023

Income Tax raids Maharashtra unicorn with Rs. 6,000 crore turnover, ‘unaccounted cash of Rs. 1 crore’ seized

The Revenue Tax Division has seized ‘unaccounted money of Rs. 1 crore’ and jewelery value Rs. 22 lakh after it performed a search and seizure operation on a Maharashtra unicorn whose turnover is estimated to be over Rs. 6,000 crore. Based on the IT division, its officers raided the places of work of the unicorn in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh within the search operation.

The corporate is believed to be working in wholesale and retail of development materials. The raid was performed on 9 March.

‚ÄúNumerous incriminating evidences within the type of arduous copy paperwork and digital information have been discovered & seized through the search operations. These evidences revealed that the group has booked bogus purchases, made enormous unaccounted money expenditures and obtained lodging entries, aggregating to the tune of over Rs. 400 crore. These evidences had been confronted to the Administrators of the group, who admitted beneath oath this modus operandi, disclosed extra earnings of greater than Rs. 224 crore in numerous evaluation years, and consequently supplied to pay their due tax legal responsibility,” the Revenue Tax division stated.

The search motion additionally revealed that the group had obtained enormous international funding by way of the Mauritius route, by issuing shares at an exorbitantly excessive premium.

Through the search operation, the Icome Tax division stated, a posh hawala community of some Mumbai and Thane-based shell corporations, was additionally unearthed. These shell corporations allegedly exist on paper, and had been created just for the aim of offering lodging entries.

Preliminary evaluation has revealed that the full quantum of lodging entries supplied by these shell entities exceeds Rs. 1,500 crore.

Up to now, unaccounted money of Rs. 1 crore and jewelery of the worth of Rs. 22 lakh have been seized.

Additional investigations are in progress.

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