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It has corporate offices in Delhi, Punjab and Kolkata. The department said in a statement that it raided the company`s locations in Delhi, Punjab and West Bengal on September 18.
The Income Tax Department has raided the premises of a well-known business house in the case of misappropriation of Rs 350 crore. This company manufactures textile and filament yarns.
It has corporate offices in Delhi, Punjab and Kolkata. The department said in a statement that it raided the company`s locations in Delhi, Punjab and West Bengal on September 18. This group deposited benami funds of about Rs 350 crore in their foreign accounts and then through shell companies from tax havens countries put them in their business in India.
The Income Tax Department said that many suspicious documents and other evidence have been found during the raid. These show that the group has accounts abroad and the benami funds deposited therein have been invested by the group in Indian companies.
In the raids, many such evidences of the department have been found which prove that the company has done transactions outside its account book, done cash transactions in land deals, showed fraudulent expenses in the account books and hid cash expenses.
According to the department, the group deposited benami funds of about Rs 350 crore in its foreign accounts and then through shell companies from tax haven countries to invest them in their business in India.
The group`s foreign entities invested in Indian companies through Foreign Currency Convertible Bonds and then converted it into shares of the company under the guise of default in payments. It has also emerged that management fees were paid to foreign companies and trusts to manage undeclared funds.
Foreign assets have to be disclosed in the income tax return but the group did not do so. It is also learned that fake expenditure of Rs 100 crore was shown in the land deals. The raids are still on.
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