Twitter
Advertisement

Income Tax raids in Patna, Sasaram and Varanasi; Rs 1.25 crore seized

The documents found during the raid also point towards unaccounted and illegal mining of stone undertaken by the group.

Latest News
article-main
FacebookTwitterWhatsappLinkedin


The Income Tax Department carried out raids at various locations in poll-bound Bihar and neighbouring Uttar Pradesh on Tuesday (October 6, 2020). The raids in Patna, Sasaram and Varanasi were against a businessman with interests in mining and hotel industries. The Income Tax Department successfully seized cash of Rs 1.25 cr from the person.

The raids were also carried out against the Chairman of a large cooperative bank.

An official statement released by the department said, "Unexplained cash totalling up to Rs 1.25 crore has been seized, while FDRs worth Rs 6 crore have been placed under prohibitory orders." 

During the search operations, The Income Tax Department found Rs 75 lakh in a car. Investigation by the Income Tax officials later revealed that the amount was unaccounted and linked to the chairman of a cooperative bank.

"These transactions are not reflected in the corresponding Returns of Income," read the official statement.

Meanwhile, the Department is investigating possible sources of investment in houses, a hotel and various vehicles of the businessman. The documents found during the raid also point towards unaccounted and illegal mining of stone undertaken by the group. 

The CBDT (Central Board of Direct Taxes), the administrative authority of the Income Tax Department is examining books of accounts reflecting crores of credits.

Assembly elections in Bihar is scheduled in three phases, the first phase of polling will take place on October 28, the second phase is scheduled to happen on November 3 while the final phase will take place on November 7. Counting of votes and declaration of results will take place on November 10.

 

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
    Advertisement

    Live tv

    Advertisement
    Advertisement