The textile company's foreign deposit of Rs. 350 crore black money seized

IT raids on leading business group

Proceedings at other locations of the group, including the company's corporate office in Delhi, Punjab, Kolkata

New Delhi: The CBDT on Tuesday claimed that the Income-tax department had raided a leading business group involved in the manufacture of textiles and filament yarns and found crores of rupees in black money deposited abroad.

Raids by other sources in the group, including the company's corporate office in Delhi, Punjab and Kolkata, are still ongoing. The Central Board of Direct Taxes (CBDT) said in a statement that the group deposited anonymous funds of about Rs 350 crore in its foreign accounts and then invested them in its business in India through shell companies from tax havens.

The CBDT said documents seized in the raid revealed that the company had invested in Indian companies through foreign currency convertible bonds of foreign units.

The Income Tax Department said several suspicious documents, diaries, digital evidence were found during the raid. Which proves that the group has accounts abroad and the anonymous funds deposited in them have been withheld in Indian companies. Details of foreign bank accounts were not given to the income tax department.