TaxTMI 
TaxTMI 
Income Tax Department conducts search on group connected with VVIP Chopper Scam
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....ncome Tax Department conducts search on group connected with VVIP Chopper Scam <br>News and Press Release<br>Dated:- 31-7-2019<br><BR>Income Tax Department conducted search action on 24th July, 2019, ....
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....on a Hyderabad based group engaged in the business of conducting seismic data analysis. The assesse group indulged in large scale over-invoicing of imports through a Dubai based operator who is an acc....
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....used in a VVIP Chopper scam. The surplus funds thus generated amounting to USD 6 million were parked in Dubai based accounts of the said operator. During the search, incriminating evidences including....
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.... e-mail and mobile conversations were found between the main director of the searched company and the Dubai based operator, pertaining to over-invoicing of imports. When confronted, the persons concer....
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....ned admitted to over-invoicing. Further, the search action led to detection of at least 4 additional undisclosed foreign bank accounts in UBS bank Switzerland, OCBC Bank Singapore, Citizens Bank, USA....
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.... and Bank of Nevis International, St Kitts. Moreover, 3 undisclosed companies of the Hyderabad based promoter in tax havens viz. British Virgin Islands, Island of Nevis and Singapore were also detecte....
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....d. Unexplained cash of ₹ 45 lakh found during the search has been seized. Jewellery worth ₹ 3.1 crore was also found, which is in the process of being verified.<BR> News - Press release -....
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.... PIB....