700 crore financial irregularities of West Bengal manufacturing group nabbed

Income tax department raided and caught tax evasion

Unaccounted cash of Rs 20 lakh also seized: Raids in 25 complexes including Kolkata, Durgapur, Asansol and Purulia

New Delhi: The Income-tax department has raided a West Bengal-based steel product manufacturing group and nabbed Rs 700 crore in financial irregularities, the CBDT said in a statement. The income tax department raided a total of 25 complexes in Kolkata, Durgapur, Asansol and Purulia, including promoters' houses, company offices and factories.

The seized documents prove that the group generated unaccounted income through unaccounted cash sales, unaccounted cash expenses, purchases from bogus parties, concealment of actual production, and scrap cash purchases. Apart from this, some documents of purchase and sale of land were also found.

The Central Board of Direct Taxes (CBDT) said in a statement that it also found evidence of unaccounted income generated by the sale of unsecured loans and shares of shell companies. Apart from this, documents of land and property purchased under different names have also been found. The statement further said that unaccounted cash of Rs 20 lakh was also recovered during the raid. However two lockers are yet to be investigated.

An entry operator who illegally transferred money from a bank account was also raided there. More than 200 bank accounts of 200 companies were managed from the office of this entry operator. Preliminary investigations revealed that these bank accounts were being used to transfer money illegally.