Earnings Tax Division officers have seized money price Rs 4.30 crore and jewelry price Rs 3 crore throughout ongoing raids on the residence of a tobacco baron and his firm’s premises in Kanpur.
The raids continued for a 3rd day on Saturday.
The jewelry and money have been seized from the Delhi residence of KK Mishra, the proprietor of the Kanpur-based Bansidhar Tobacco Non-public Restricted, on Friday.
Earlier on Friday, the Department found several luxury cars, together with a Rolls-Royce Phantom, price Rs 60 crore, additionally on the home.
In the meantime, 5 watches, together with the diamond-encrusted one price Rs 2.5 crore, have been additionally discovered, and an analysis is underway to find out their precise worth.
An investigation is happening to determine whether or not any cash was earned from the acquisition of the posh autos.
A crew from the Division is at the moment interrogating Mishra, however he was attempting to keep away from answering the questions, citing poor well being, sources stated.
He was additionally being requested about how he acquired the posh automobiles whereas his firm’s turnover was solely Rs 20-25 crore.
The raids at Bansidhar Tobacco Non-public Restricted started on Thursday night, whereas simultaneous searches have been additionally carried out on the premises of individuals linked to the corporate in 5 states, together with Gujarat, Andhra Pradesh and Delhi.
The Earnings Tax Division alleges that the tobacco firm, which provides uncooked supplies to different corporations, evaded submitting taxes and GST on a big scale.
On Friday, the Division seized money price Rs 4.5 crore from the corporate premises, whereas the posh automobiles have been discovered at Mishra’s Delhi residence.
In the meantime, preparations are underway to launch motion on one other huge tobacco firm, that purchased the uncooked supplies from Bansidhar Tobacco Non-public Restricted.