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The officials said the counting of the money was still underway and the final amount is highly likely to go up.
India’s Income Tax (IT) Department on Saturday (May 18) raided three shoe traders in the northern state of Uttar Pradesh, seizing cash worth Rs 40 crore ($4.8 million). The officials said the counting of the money was still underway and the final amount is highly likely to go up. As officials unearthed bundles of Rupees 500 notes from the house of a company’s owner, bank officials and officers were called in to help count money.
“So far, Rs 40 crore has been counted, of which there is no accounting. The remaining amount is being counted,” one official source was quoted as saying.
The IT department took action in Agra based on suspicion of suspected tax evasion and accumulation of disproportionate assets. The cash was found stashed in shoe boxes, mattresses and walls, said reports.
All three companies and their owners were not paying taxes duly, which seemingly triggered the raids by the IT department.
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The IT officials also seized several important documents from the sites. They also examined some files and electronic devices in connection with the tax evasion case.
IT dept’s raids in Kanpur
Earlier in February, the IT department raided Bansidhar Tobacco Company in Kanpur of Uttar Pradesh state.
The company is also operational in states like Delhi and Gujarat, as well as Mumbai city.
The department raided 20 places simultaneously belonging to the company and found massive discrepancies in the company’s accounts.
As per media reports, while the company reported its annual turnover to be just INR 20-25 crore, the inspection found it to be well above Rs 100 crore.
The IT department also found several luxury cars, worth more than Rs 60 crore, in the Delhi house of the owner of the company. The cars included a Rolls-Royce Phantom worth Rs 16 crore.
(With inputs from agencies)
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