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Rs 200 crore black money trail detected in tax raid on big coal transporter in Chhattisgarh

Photo for representation.

Income Tax Department has unearthed a Rs 200 crore black money trail in a search and seizure operation on a group engaged in business of coal transportation and other allied activities in Chhattisgarh, according to a Finance Ministry press statement issued today. 

Undisclosed cash exceeding Rs. 9.5 crore and jewellery valued at Rs. 4.5 crore have been been seized so far during the search operation, the statement disclosed. 

The search operation carried out on June 30 covered more than 30 premises in Raipur, Bhilai, Raigarh, Korba, Bilaspur and Surajpur in the state.

“The modus-operandi followed by the group includes unfair regular collection on coal transportation throughout the State of Chhattisgarh leading to generation of huge unaccounted income,”  the statement explained.

“Evidence of such collection of more than Rs. 200 crore during a short time period has been found,” according to the statement.

The premises of a senior government officer was also covered in the search action.

During the course of the search operation, numerous incriminating documents, loose sheets and digital evidence have been seized.

The evidence has been corroborated by the key trusted associates of the group. Instances of certain cash payments made to government officials have also been identified, according to the statement.

The seized evidence also indicates that the group has made unaccounted cash payments of approximately Rs. 45 crore in purchasing coal washeries. Further, evidence has also been found which reveals that cash expenditure has been incurred by the group during the recently held elections, the statement added.

During the search, a large number of property agreements have been found, which reveal that huge undisclosed investments have been made in acquisition of immovable properties, which appear to be benami in nature. The source of investment made in acquisition of 50 acres of immovable properties, by the purported owners, related to the government officer, is under further investigation.

Further investigations are still in progress.

Also read: https://www.indianarrative.com/economy-news/taxmen-unearth-rs-crore-in-black-money-from-two-chennai-biz-groups-71756.html