The IT department took action in Agra based on suspicion of suspected tax evasion and accumulation of disproportionate assets. The cash was found stashed in shoe boxes, mattresses and walls, said media reports. All three companies and their owners were not paying taxes duly, which seemingly triggered the raids by the IT department.
The IT officials also seized several important documents from the sites. They also examined some files and electronic devices in connection with the tax evasion case.
Earlier in February, the IT department raided Bansidhar Tobacco Company in Kanpur of Uttar Pradesh state. The company also operates in Delhi, Gujarat and Mumbai, Wion reported. The department raided 20 places simultaneously belonging to the company and found massive discrepancies in the company’s accounts.
As per media reports, while the company reported its annual turnover to be just INR 20-25 crore, the inspection found it to be well above Rs 100 crore. The IT department also found several luxury cars, worth more than Rs 60 crore, in the Delhi house of the owner of the company. The cars included a Rolls-Royce Phantom worth Rs 16 crore.
