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IT raids on 21 locations of SNK Grp for ₹400 cr scam
Kanpur: Embezzlement of crores of rupees by famous pan masala industrialist Naveen Kurele and brother Praveen Kurele has come to light here, after which several teams of Income Tax department has been conducting raids at 21 locations across Noida, Delhi, Orai as well as several factories located in Kanpur with about 125 officers-employees and 90 police personnel involved in the raids.
The Income Tax exposed the Rs. 400 crore worth company, famous for SNK brand pan masala, for indulging in black business of real estate. The company under various bogus companies scammed crores of rupees from banks under the pretext of loans.
The department has seized documents revealing tax evasion on a large scale by the establishments of the influential pan masala businessman.
On the instructions of the Principal Director of Income Tax, the residence of the owners Naveen Kurele and Praveen Kurele, located in Swaroop Nagar, Kakadev, Kidwai Nagar, Pandu Nagar, Expressway, Collector Ganj were raided as well as factories in Kanpur, Orai, Noida, Orai and Delhi were raided too by joint teams of Income Tax Department.
The Income Tax team has come across many instances of tax evasion, bogus companies reporting business worth crores. Through these bogus companies, tax evasion of crores of rupees was uncovered by the IT Department.
It is being speculated that these bogus companies were in the name of employees and that crores of rupees were transferred in them so that black money can be saved. It has also come to fore that loans worth crores were taken from banks through bogus companies and these loans were spent on other things.