New Delhi: Income Tax officials have uncovered a tax fraud that runs to the tunes of greater than Rs 100 crore. The fraud was unearthed when a crew of IT officials, on Wednesday (July 28), raided greater than 19 locations associated to SNK Pan Masala producers in Kanpur, Noida, Ghaziabad, Delhi and Kolkata.
The Kanpur-based tobacco producer allegedly routed the funds illegally to its actual enterprise through 115 shell firms. A.J. Sungadhi Private Limited is the producer of the SNK Pan Masala which is a well-liked pan masala model in Uttar Pradesh.
The raids had been carried out at a number of locations together with places of work and houses of a number of staff. The residence of the producers in Swaroop Nagar, Kanpur, and enterprise setups situated on Express Road had been additionally raided by the IT Department.
On the primary day of the raids, the earnings tax division had discovered a tax fraud value Rs 100 crore whereas assessed unaccounted money of round Rs 400 crore was additionally found by the officials. Also Read: Micromax In 2b finances smartphone launched in India: Check value, specs and different particulars
The pan masala firm was allegedly routing the black cash from its pan masala enterprise to its actual property unit. The firm had taken loans on behalf of shell firms, the Income Tax Department discovered throughout the raids. Also Read: Delhi HC to listen to pleas of Facebook, WhatsApp difficult new IT Rules in August
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