Bhubaneswar: The search and seizure operations by the Income Tax Department in the case of a group involved in the manufacturing and trading of steel products with premises in and around Rourkela, Odisha, reported IANS.
According to an official statement, the group entities were booking bogus purchases of around Rs 170 crore in the name of 17 bogus entities for two successive financial years.
The statement also said that all the 17 parties have confessed during the course of search and seizure operation, that they were not aware of any such business concerns in their name.
The total amount was withdrawn in cash from the bank accounts of these bogus entities, as per the Finance Ministry statement.
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