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I-T Dept searches premises of leading Jharkhand company
I-T Dept searches premises of leading Jharkhand company

New Delhi, July 30 (TIWN) The Income Tax Department has carried out a search operation on a prominent Jharkhand group dealing in building construction and real estate.

The search began on July 28 in Ranchi and Kolkata and more than 20 premises were covered. 

The department said that during the search, it found that the group was not maintaining regular books of account. In view thereof, the audit certificates and statements submitted to the Income Tax Department are under investigation for genuineness.  As per details found during the search operation, it was seen that the group has been undertaking huge outside-the-books transactions in the building construction business and a large portion of sale proceeds is received in cash which remains unaccounted, the department said.  Part of the cash generated has been brought into the business through bogus share capital and unsecured loans from shell companies. 

Investigations have revealed that at least 8 shell companies were involved. Relatives and persons of no means were appointed as directors of these 'companies' which existed only on paper. These 'directors' have admitted that they were only 'dummy directors' and would sign wherever the group told them to do so. Transactions of unsecured loan and bogus share capital to the tune of Rs 25 crore have been detected.  Shell companies investing money in the group have been found to be non-existent in Kolkata. Incriminating documents about front companies having employees as directors that received share capital and unsecured loan from shell companies have been seized.

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