450 Crore In Undisclosed Income Found In Raid On Congress MLA’s Company

The raids started February 18 and have been performed throughout 22 places (Representational)


Over Rs 450 crore in undisclosed earnings has been recovered from raids on enterprise premises owned by the household of Madhya Pradesh Congress MLA Nilay Daga, the Earnings Tax Division stated Monday night. The raids had been carried out since February 18 throughout 22 places within the state’s Betul and Satna districts, in addition to Mumbai and Kolkata.

The raids uncovered unaccounted money shops of Rs eight crore, unexplained international forex amounting to Rs 44 lakh and details about 9 financial institution lockers.

The raids additionally uncovered messages between key members of the enterprise group – which manufactures soya merchandise – that replicate unexplained money funds and hawala transactions amounting to greater than Rs 15 crore.

“The group launched unaccounted earnings to the tune of Rs 259 crore by the use of introduction of share capital at large premium from Kolkata-based shell firms…. launched undisclosed earnings of Rs 90 crore by the use of sale of paper investments in shell firms to a different set of shell firms of Kolkata,” the CBDT (Central Board of Direct Taxes) stated in its assertion.

“None of those firms was discovered to be operational at given tackle and the group couldn’t affirm the id of such paper firms or any of its administrators. Many of those paper firms have been discovered to be struck off by the Ministry of Company Affairs,” the CBDT added.


The CBDT stated {that a} additional Rs 52 crore of “bogus loss” had been claimed by the group to offset its earnings, “by indulging in intra-group out-of-exchange contract settlement.

“The group has additionally claimed incorrect Lengthy Time period Capital Features exemption of over Rs 27 crore on sale of shares of a gaggle entity. Investigations revealed that the acquisition of those shares was not real, as group administrators bought shares of this entity at nominal worth from non-existent Kolkata primarily based shell firms,” the assertion stated.

Through the raids incriminating proof within the type laptops and onerous drives have been confiscated.

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