Income Tax Department Raids On 31 Locations Of Pan Masala Group
According to the CBDT, the Income Tax Department on Thursday raided the group’s locations in Kanpur, Delhi, Noida, Ghaziabad and Kolkata. 24 fake accounts have been unearthed.
New Delhi. The Income Tax Department has raided several locations of the Pan Masala Group based in North India. In this raid, illegal transactions worth more than Rs 400 crore have been detected. The Central Board of Direct Taxes ie CBDT, related to the Income Tax Department, gave this information on Friday.
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According to the CBDT, the Income Tax Department on Thursday raided a total of 31 locations of the group in Kanpur, Delhi, Noida, Ghaziabad and Kolkata. This group making pan masala is also associated with real estate. In the raids, illegal transactions of over Rs 400 crore of the group have been unearthed. The identity of the group was not given in this statement.
Huge profit from real estate business
According to a statement, the group was making substantial profits from the sale of pan masala and real estate business. The group reinvested this profit earned in the business through fake companies.
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115 fake companies exposed
The Income Tax Department has also recovered Rs 52 lakh in cash and seven kilograms of gold during the raid. The accused group had spread its business across the country with the help of fake companies. With the help of these bogus companies, within three years, taking a loan of about Rs 226 crore from banks, he invested in the business of real estate. The department, in its investigation, has found out about 115 such fake companies of the group and their 24 fake accounts.
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