Rs 42 lakh cash, jewellery of Rs 3 cr seized on day-3 of raid

Source: The Hitavada      Date: 09 Jun 2018 14:05:22

 

 

Staff Reporter,

Raipur,

Taxmen continue to rummage around the heap of incriminating documents impounded from 41 different premises on Friday, the third successive day of Income Tax Department’s massive search operations on Rama Group, fanned across the four major districts of the state including State Capital Raipur.  While tax sleuths hinted to wind-up their operations latest by Saturday night, the third day saw seizure of unaccounted cash to the tune of Rs 42 lakh and gold jewellery worth Rs 3 crore. Though searches were reported to be over at 41 other premises, taxmen were still grappling with scrutiny of documents at two offices each in Raipur and Bilaspur districts respectively.

According to well-placed sources, the tax enforces on the day-3 of search operations came to know about four more lockers operated by the group promoters/directors and their family members in Raipur and Bilaspur. “Two lockers were likely to be opened at any given hour. Thus, security cover has been beefed-up at all places where these bank lockers are situated,” the sources maintained.

Sources further said that a team of tax enforces which reached Kolkata while tracking the group’s offices while trailing its registered address obtained from their official website, met with sheer disappointment. “While the address of two office premises belonging to the group ceased to exist there, the only one that could be located somehow was found to be running from a small room and it too was operated after
seeking permission from railways just for coal transport,” the sources added.

Sources further added that the taxmen team here found a meagre staff strength of 2-3 people even as unconfirmed reports surfaced that a senior staffer here has been found to be Director of 10 other companies owned by the group. Like in every case of tax evasion, Rama Group too evaded tax liability in the guise of purchase of shares from shell companies. Many such shares were purchased through and by ‘Benami’ entities. The tax watchdogs are now zeroing in on the chronology of all share dealings done by or at the behest of the Rama Group.

 

The Hitavada Follow-Up

Group directors refuse any tax evasion

Taxmen have begun to record the statement of all the group directors associated with Rama Group. However, so far, the directors continue to refuse any tax evasion by their group, either through their connivance or in absence of their official knowledge. Yet, the senior officials claimed that they were in possession of strong documental evidence to prove that the group had done substantial tax evasion.

ED to join investigation soon


In all probabilities, Enforcement Directorate (ED) would soon join the Income Tax Department to step up investigations of money laundering charges on the group. “For, the ‘dog nose’ of tax sleuths belonging to Investigation Wing, has sniffed ‘fishy’ overseas financial transaction done by Rama Global, one of another business front of the Rama Group. This firm has done transaction in the name of chemical import from Indonesia, while search operations at one of the premises also found excess chemical stock worth Rs 68 lakh,” the sources averred.