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of <h1>Income Tax Raid Uncovers Rs. 55 Crore in Unaccounted Deposits Linked to Ex-Fund Manager and Brokers Across Five Cities.</h1> The Income Tax Department conducted a search and seizure operation on July 28, 2022, targeting an ex-fund manager and chief trader of a major mutual fund, along with associated brokers, middlemen, and entry operators. The operation spanned over 25 locations in Mumbai, Ahmedabad, Vadodara, Bhuj, and Kolkata, uncovering incriminating documents and digital data. The investigation revealed that the fund manager shared trade information for illicit market gains, with unaccounted cash funneled through Kolkata shell entities. Over Rs. 55 crore in unaccounted deposits have been seized, with further investigations ongoing. More than 20 lockers have been restrained.
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