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IT raid in group manufacturing cement in Meghalaya

Simultaneous probe in Assam and West Bengal   

Shillong, Oct 8: The Income Tax department carried out search and seizure operations on October 5 in the case of two groups based in the North East and West Bengal. Fifteen premises were covered in the search action, which was spread across Kolkata, Guwahati, Rangia, Shillong and Patna.

A statement issued by PIB said the first group is engaged in the business of cement manufacturing.

However, the statement did not mention the name of the cement company.

During the search, it was found that the group generated unaccounted income by indulging in out-of books sales and booking bogus expenses. The unaccounted income was laundered back into the business through shell companies. Evidences found during the search revealed that many paper companies are run by the group to provide accommodation entries to its flagship initiatives.

The paper companies were found to be non-existent at their given addresses. During the search, incriminating evidence indicating bogus unsecured loans, bogus commission paid, bogus share premium received through shell companies were also found. These evidences indicate that Rs 50 crore may be unaccounted.

Tribals shown as creditors  

The group was also found to be wrongly showing tribal individuals as creditors and the amount is Rs 38 crore.

Further, details of certain offshore entities/ bank accounts were found during the search, which are apparently not declared in the relevant returns of income.

Rail contracts 

Another group is actively engaged in executing railway contracts in Assam, Mizoram and other parts of North East. During the search action, incriminating documents, loose sheets and digital evidences were seized indicating undisclosed investments in land and properties. Large number of sale deeds pertaining to land and properties have been found and the valuation could be in excess of Rs 110 crore. During the search, corroborative evidence could not be produced to explain the source of acquisition of these assets. Further, documents containing details of cash transactions amounting to more than Rs 13 crore in the sale of properties have been found.

The search and seizure actions resulted in detection of undisclosed income in excess of Rs 250 crore. Unaccounted cash of more than Rs 51 lakh has been seized. Nine bank lockers have been put under prohibitory orders and are yet to be operated.

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