Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal. The business group is controlled by a person with an active political background. Search was also conducted on his close business associate.
The group is engaged in a variety of businesses ranging from production and sale of edible Rice Bran Oil, mustard oil, De-Oiled Rice Bran (DORB), different types of chemicals and real estate, etc. A total of 23 premises spread over Uttar Dinajpur, Dakshin Dinajpur, Malda, Kolkata, Siliguri in West Bengal and Guwahati in Assam and surrounding areas were covered.
The search action revealed that the group was suppressing its yield and making unaccounted cash sales of edible Oils and DORB. Several instances of cash transactions not recorded in regular books of account have been detected during the search operation. Handwritten notes, documents and digital evidences containing extracts of cash transactions have been seized. Parallel cash books and bogus claim of expenses have also been found. Preliminary investigation has revealed unaccounted income of more than Rs. 40 crore.
Further, in search operation conducted on the close business associate of the main business group, who is a leading exporter of agro products in Malda district of North Bengal, incriminating documents against cash payments in land acquisition to the tune of Rs. 17 crore (approx.) have been found. Details pertaining to unaccounted cash receipts of about Rs. 100 crore were also found.
The search action has resulted in seizure of unaccounted cash of Rs.1.73 crore. In addition, unaccounted jewellery worth Rs.1 crore has been seized.
Further investigations are in progress.