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I-T sleuths unearth bogus expenses of Rs 70 crore in group engaged in solid waste management
NEW DELHI/BENGALURU:
The Income-Tax Department initiated search and seizure operations at two groups based in several states on October 12. One of the groups is engaged in digital marketing and campaign management and has premises located in Bengaluru, Surat, Chandigarh and Mohali.
According to the I-T sleuths, an entry operator of the group has admitted to having facilitated transfer of cash and unaccounted income of the group through hawala operators.
According to a PIB release, inflation of expenditure, under-reporting of revenue, and unaccounted cash payments have been detected. Besides, personal expenses of the directors have been booked as business expenses, and luxurious vehicles used by the directors and their family members have been shown as purchased in the names of employees.
Cash, jewellery seized
The second group is engaged in solid waste management, comprising solid waste collection, transportation, processing and disposal, and caters to municipalities across the country. Incriminating evidence shows booking of bogus bills for expenses and sub-contracts. The bogus expenses have been estimated at around Rs 70 crore.
The searches have led to the detection of unaccounted investment in property of about Rs 7 crore. Unaccounted cash of Rs 1.95 crore and jewellery worth Rs 65 lakh have been seized.
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