The CBDT said on Tuesday that the Income Tax Department discovered black money worth crores stashed abroad after raiding a key corporate group involved in the production of textile and filament yarn.
The searches, which began on September 18, are still ongoing at the group’s locations, including its corporate offices in Delhi, Punjab, and Kolkata. The Central Board of Direct Taxes (CBDT) alleged in a statement that “the group has stored unaccounted funds of approximately Rs 350 crore in its international bank accounts and has also channelled these funds back into its business through shell corporations in tax havens.”
Searches are continuing at the corporate offices in Delhi, Punjab and Kolkata. The group has maintained unaccounted funds of about Rs 350 crore in its foreign bank accounts, the CBDT said. It said many “incriminating” documents, loose sheets, diaries, digital evidence etc. were recovered which indicate involvement of the group in routing of “unaccounted” funds back into its Indian entities.
The CBDT has found that foreign companies and trusts were being paid management fees for managing the unaccounted funds. The department has gathered “evidence” that cash of about Rs 100 crore was generated by debiting “bogus expenditure” in company accounts and cash transactions in land deals. Details of accounts related to unexplained personal expenditure in cash were found to be meticulously maintained in one of the main offices of the company.
