The Income Tax Department has intensified its crackdown on suspected tax evasion, conducting raids at multiple locations associated with Bansidhar Tobacco Private Limited, headquartered in Kanpur. The raids, which entered their third day on Saturday, have yielded significant seizures of cash and valuables.
At the residence of the owner of Bansidhar Tobacco Private Limited, located in Delhi, officials uncovered cash totaling Rs 4.30 crore and jewellery valued at Rs 3 crore. Notably, earlier in the investigation on Friday, the Department discovered a fleet of luxury cars, including a Rolls-Royce Phantom, with an estimated worth of Rs 60 crore at owner’s residence. Furthermore, an assortment of high-end watches, including one encrusted with diamonds valued at Rs 2.5 crore, was also seized pending evaluation.
The ongoing investigation aims to determine the source of funds used to purchase the luxury vehicles, given the discrepancy between the reported turnover of Bansidhar Tobacco Private Limited, estimated at Rs 20-25 crore, and the substantial value of assets found during the raids.
Sources indicated that the owner of the tobacco company is currently undergoing interrogation by the Department’s officials. However, he has purportedly attempted to evade questioning by citing health concerns.
The raids conducted at Bansidhar Tobacco Private Limited commenced on Thursday, with simultaneous searches conducted at affiliated premises across five states, including Gujarat, Andhra Pradesh, and Delhi.
The investigation has unveiled a web of potential financial irregularities, with authorities scrutinizing the company’s financial records for evidence of tax evasion or fraudulent activities.
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