Quick Summary
The Income Tax Department carried out a search and seizure operation on 20.07.2022 on a prominent business conglomerate engaged in diversified fields of Textiles, Chemicals, Packaging, Real estate and Education. The search action covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai
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FAQ :
A prominent business conglomerate engaged in textiles, chemicals, packaging, real estate, and education was raided.
The search operations covered 58 premises across Kheda, Ahmedabad, Mumbai, Hyderabad, and Kolkata.
The search action unearthed unaccounted transactions exceeding Rs. 1000 crore.
Methods included unaccounted cash sales, bogus purchases, on-money receipts from real estate, layering of funds through shell companies, and manipulation of share prices.
Unaccounted cash of Rs. 24 crore and jewellery/bullion valued at Rs. 20 crore were seized.
No, further investigations are currently in progress.
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