The Income Tax Department carried out search and seizure action on two Kolkata based Groups engaged in manufacturing & trading of Steel, trading of marbles & stones, food grains etc.

The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans, discrepancies in stock and out of the books cash transactions. The Groups have accepted that they used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to ₹ 178 crore has been detected so far including excess stock of ₹ 38 crore.

The search action has resulted in seizure of unaccounted cash of ₹ 1 crore and jewellery worth ₹ 1.42 crore.

Further investigations are in progress.

Search and seizure uncovers shell entities used to route unaccounted funds and detect substantial concealed income. Search and seizure of two Kolkata-based groups uncovered use of shell entities to raise bogus share capital and unsecured loans, stock discrepancies and out-of-books cash transactions; the groups admitted routing unaccounted funds through paper companies and a total concealment of income was detected.