BHOPAL: Ongoing raids by the income tax department at the 15 premises of the Madhya Pradesh-headquartered Kakkar and Goyal business group have led to concealed income of around Rs 100 crores.
The search and survey were being carried out at the premises of the group and business partners in Itarsi town of Hoshangabad district and Bhopal in MP, besides locations in Mumbai and Hyderabad since Thursday.
According to sources in the IT department’s MP and Chhattisgarh headquarters, seizure of loads of incriminating documents from the searched and surveyed premises have led to disclosure of concealed income of around Rs 100 crore.
Further, scrutiny of several other documents seized during the raids have also brought to the fore links between the Group and more than 10 shell firms/companies that are registered in Mumbai and Kolkata.
Primary investigations have revealed strong possibility of around Rs 70 crores having been routed through the shell companies into the Group’s companies over the last six years.
With the ongoing probe having unearthed the links of the raided business group with over 10 shell firms/companies, fresh probe is likely into the unearthed shell companies by the IT department and possibly the Enforcement Directorate in future.
Also, investigations suggest that many of the directors in the Group’s companies could be mere dummy directors. Further, bank loan to the tune of around Rs 100 crore taken by the Group, particularly for its Ethanol-based Alcohol business in Itarsi and Hyderabad is also under the IT department scanner.
The Group, whose 15 premises were searched and surveyed since Thursday, have stakes in the Rail Catering business, Ethanol-based Alcohol business, real estate and money lending business.