In the IT raid, Pan Masala group's Rs. Anonymous assets worth Rs 500 crore seized

(PTI) New Delhi, Dt

The Income Tax Department raided the Pan Masala Group in North India and recovered Rs. More than Rs 200 crore worth of anonymous assets were seized, the Central Board of Direct Taxes (CBDT) said on Friday. The CBDT said 21 places belonging to the group were raided, including Kanpur, Delhi, Noida, Ghaziabad and Kolkata. The group also works in the real estate sector.

The CBDT said in a statement without disclosing the identity of the group that the IT raid cost Rs. More than Rs 200 crore worth of anonymous assets have been seized. The group has made huge profits from the sale of pan masala and anonymous business in real estate. This black money was laundered through counterfeit companies. The IT department also seized Rs 52 lakh in cash and 3 kg of gold during the raid.

The Pansalama group was raided in an operation to nab a nationwide network of anonymous companies, the CBDT said. Surprisingly, these companies have lent money and lent to real estate groups in just three years. 3 crore. The IT department has nabbed a network of 116 such fake companies.

During the raid, the Income Tax Department teams also found secret places to hide documents containing details of anonymous money and also exposed the method of money laundering. The team exposed the modus operandi, including the role of laundering black money. The CBDT said that the Pan Masala group has raised Rs. More than 110 crore anonymous loan documents were obtained. The group was showing its anonymous money to bogus companies through bogus advances, bogus loans and share premiums against the sale of assets.

During the raid, IT teams also found six 'bogus' bank accounts of fake companies. In addition, deductions claimed under income tax in the form of treatment of biodegradable waste are being investigated. Some of the counterfeit companies on paper were based in Kolkata and had Rs. He was shown to have made bogus sales and purchases to deposit Rs 50 crore.