The Income Tax Department on Wednesday in a search and seizure detected evidence of booking bogus purchases of Rs 154 crore and had recovered unaccounted jewellery while placing 11 lockers under the restraint of a manufacturer and distributor of synthetic yarns and polyester having factories at Dadra and Nagar Haveli, Delhi, and Dahej stated an official press release on Thursday.
The manufacturer has a corporate office in Delhi that has routed its own unaccounted funds to the tune of Rs. 380 crore in its books in the form of bogus unsecured loans, through paper entities, over the past few years, further stated the press release.
Besides, an amount of Rs. 40 crore has also been introduced in its books through shell entities in the form of share premium, said the press release.
The directors and auditors of the shell entities have, in their statement, admitted that these entities were essentially used to provide accommodation entries, further said the press release.
During the course of the search, many incriminating documents, loose sheets, digital evidences etc. have been found indicating the involvement of the group in unaccounted transactions. Substantial evidence of transactions outside the regular books of accounts, cash purchases, suppression of sales and booking of sales to bogus parties have also been found, according to the press release.
The search operation is underway and further investigations are in progress.
( With inputs from ANI )
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