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450 Crore In Undisclosed Earnings Discovered In Raid On Congress MLA’s Firm

The raids started February 18 and had been performed throughout 22 areas (Representational)


Over Rs 450 crore in undisclosed earnings has been recovered from raids on enterprise premises owned by the household of Madhya Pradesh Congress MLA Nilay Daga, the Earnings Tax Division mentioned Monday night. The raids had been carried out since February 18 throughout 22 areas within the state’s Betul and Satna districts, in addition to Mumbai and Kolkata.

The raids uncovered unaccounted money shops of Rs 8 crore, unexplained overseas forex amounting to Rs 44 lakh and details about 9 financial institution lockers.

The raids additionally uncovered messages between key members of the enterprise group – which manufactures soya merchandise – that mirror unexplained money funds and hawala transactions amounting to greater than Rs 15 crore.

“The group introduced unaccounted income to the tune of Rs 259 crore by way of introduction of share capital at huge premium from Kolkata-based shell companies…. introduced undisclosed income of Rs 90 crore by way of sale of paper investments in shell companies to another set of shell companies of Kolkata,” the CBDT (Central Board of Direct Taxes) mentioned in its assertion.

“None of these companies was found to be operational at given address and the group could not confirm the identity of such paper companies or any of its directors. Many of these paper companies were found to be struck off by the Ministry of Corporate Affairs,” the CBDT added.


The CBDT mentioned {that a} additional Rs 52 crore of “bogus loss” had been claimed by the group to offset its income, “by indulging in intra-group out-of-exchange contract settlement.

“The group has additionally claimed incorrect Lengthy Time period Capital Beneficial properties exemption of over Rs 27 crore on sale of shares of a gaggle entity. Investigations revealed that the acquisition of those shares was not real, as group administrators bought shares of this entity at nominal worth from non-existent Kolkata primarily based shell firms,” the assertion mentioned.

Through the raids incriminating proof within the type laptops and exhausting drives had been confiscated.

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