The Income-tax department has unveiled bogus investment worth Rs.150 crore in a raid. The raid was conducted against a West Bengal-based coal trader on charges of alleged tax evasion. The raids were carried out at the premises of a prominent coal trader in West Bengal’s Raniganj, Asansol, Purulia and Kolkata.
“The raids that took place on Thursday led to the seizure of unaccounted cash and bullion of around 7.3 crore. The searches have led to the seizure of documents indicating that companies of the assessee group held bogus investments in unquoted equity shares of paper concerns to the magnitude of around Rs 150 crore, out of which investments of around Rs 145 crore have been sold.”, IT Department t said in a statement.
The IT Department also seized a substantial number of incriminating documents showing cash generation in coal and sand trading, sponge iron sales.