Quick Summary
The Income Tax Department carried out a search action on 29.07.2021 on a large group based in Kanpur and Delhi. The group is in the business of manufacturing Pan Masala and in real estate. A total of 31 premises were searched spread across Kanpur, Noida, Ghaziabad, Delhi and Kolkata. The group ha
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FAQ :
The Income Tax Department searched a large group based in Kanpur and Delhi that is involved in the manufacturing of Pan Masala and real estate businesses.
A total of 31 premises were searched across Kanpur, Noida, Ghaziabad, Delhi, and Kolkata.
The group used a vast network of 115 shell companies to launder unaccounted income from their pan masala and real estate businesses back into their concerns.
Preliminary figures indicate unaccounted transactions exceeding Rs 400 crore.
Digital and paper evidence, including details of unaccounted money and its laundering process, was unearthed. Forensic analysis of digital data and documents is ongoing. Cash of over Rs 52 lakh and 7 kg of gold were also found.
The 'dummy directors' admitted to signing documents as and when required in return for a commission, without having any real financial involvement or knowledge of the business operations.
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