Income Tax Department has raided 44 locations of a famous steel maker. So far, unaccounted assets worth Rs 175.5 crore have been unearthed in the raids conducted in different cities of Maharashtra and Goa. Apart from this, unaccounted cash and jewelery have also been recovered.
According to the Income Tax Department, 3 crore cash and 5.20 crore jewelery have been seized in the raids. The address of unaccounted investment has also been discovered in the raid. Fake challans have also been recovered from them. The search operation and investigation is still going on. Unaccounted silver articles of 194 kg worth about Rs 1.34 crore were found in the raids.
Income Tax Department officials on Wednesday 25.08.2021 searched the locations of a business group based in Maharashtra and Goa at Pune, Nashik, Ahmednagar and Goa. The group is a leading steel producer and trading house of Goa. During the search and seizure operation, several incriminating documents, and digital evidence have been seized.
Evidence found during searches revealed that the group is indulging in fraudulent booking of fraudulent purchases of scrap and sponge iron from various ‘fake challans’. During the search, the premises of those issuing fake challans were also searched.
Such challan issuers have admitted that they only supplied the bill, but did not supply any goods. The investigation revealed that fake e-way bills were also created to show them as genuine purchases and to claim GST input credit.
A “Vehicle Tracking App” was used to identify fake e-way bills in collaboration with the GST Authority, Pune. The total fraudulent purchases identified from these parties so far are around Rs 160 crore. Its verification is still going on. The amount of fraudulent purchases is likely to increase.