People who hold senior positions in trading companies also hold political positions. The search conducted on July 14 covered several buildings in Madhya Pradesh and Mumbai.
“The search found and confiscated a large amount of incriminating documentary and digital evidence. “Analysis of the seized evidence from the sand mining activity shows that the company is committing tax evasion by not posting sales to regular ledgers,” an IT official said.
The official added that the comparison of actual sales according to numerical evidence with sales recorded in modern months clearly shows the emphasis on large-scale sales on a regular basis of more than Rs 70 crore.
Evidence of non-payment of commissions for these unreported sales was also found. It was found that more than Rs 10 crore was paid in cash by the company to other business partners, which was outside the regular accounts.
In the case of the company’s sugar business, problems related to inventory gaps were also identified. Evidence gathered during the search also revealed that several benamidar had become shareholders in a sand extraction company and they also claimed a profit on their tax returns.
However, the money was actually transferred by them to the actual owners of the company.
During the search, one of the benamidar in his testimony admitted that he was only an employee and did not know the affairs of the company, nor did he make any profit from this business. “So far the search has resulted in the seizure of undeclared assets exceeding Rs 9 million,” the official said.
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