Pune / Correspondent
According to the Central Board of Direct Taxes (CBDT), raids on various establishments of the Pune-based conglomerate, which manufactures large machinery such as cranes and excavators, have uncovered unaccounted assets worth over Rs 200 crore and confiscated cash, jewelery, documents and digital data.
On 25 establishments of the industrial group in 7 cities. the raids took place on November 11. A large quantity of unaccounted cash and jewelery worth about Rs 1 crore was found in the raids. They have been confiscated and lockers in 3 banks have been sealed. The raids revealed more than Rs 200 crore worth of unaccounted assets, according to the Board of Direct Taxes.
The raids led to the seizure of a large number of documents and digital, electronic data related to suspicious transactions. After analyzing this information, it has been found that the conglomerate has hidden its profits from various types of fraud. According to the Board of direct taxes, the company has been found to have increased its costs and reduced its profits through free services, fake or extra expenses, fake credit notes, fake commissions and false depreciation.
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