Quick Summary
Income Tax Department carried out a search and seizureoperation on 05.07.2022 on a group engaged in agro and textile business, and another group of entry operators. A total of 27 premises were covered during the search action in Mumbai and Delhi NCR. During the course of the search operation, a large number of incriminating evidences in the form of hard copy documents and digital data have been found and seized. It was found during investigation that most of the turnover of the listed comp
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FAQ :
The Income Tax Department conducted the search and seizure operations.
The raids took place across 27 premises in Mumbai and Delhi NCR.
The targeted businesses included a group engaged in agro and textile operations, and another group of entry operators.
The allegations include systematic manipulation of stock market performance, circular trading, out-of-book payments to stockbrokers, claiming bogus purchases, and unaccounted sales.
Incriminating evidence in the form of documents and digital data was seized. Handwritten diaries detailing cash transactions were also found and corroborated.
Yes, unaccounted cash of £1.4 crore was seized during the search operation.
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