Quick Summary
Income Tax Department conducted a Search Seizure operation on a Pune Thane based unicorn start-up group, primarily engaged in the business of wholesale and retail of construction material, on 09.03.2022. The group has Pan-India presence having annual turnover exceeding Rs. 6,000 crore. A total of
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FAQ :
The Income Tax Department conducted searches on a unicorn startup group based in Pune and Thane, primarily engaged in the wholesale and retail of construction materials.
The search operation covered 23 premises across Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh, and Madhya Pradesh.
Evidence suggests the group booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries totalling over Rs. 400 crore. They also received significant foreign funding via Mauritius by issuing shares at a high premium.
Yes, the directors of the group admitted to the modus operandi under oath and disclosed additional income of more than Rs. 224 crore.
Yes, a complex hawala network involving Mumbai and Thane-based shell companies, created solely for providing accommodation entries, was unearthed. The total quantum of these entries is estimated to exceed Rs. 1,500 crore.
During the operation, unaccounted cash of Rs. 1 crore and jewellery valued at Rs. 22 lakh were seized. A large number of incriminating documents and digital data were also found.
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