Black money worth Rs 356 cr recovered in IT raids

Jaipur: The Income Tax Department’s raids, which began on Tuesday at 17 locations of three groups involved in the packaging business in Pali, Pipliya Kalan and Jodhpur, ended on Saturday wherein the officials seized jewellery worth Rs11.83 crore and cash worth Rs 2.68 crore after the taxpayers failed to give satisfactory answers and proof of income. Officials have claimed to uncover black money worth Rs 356 crore in this action.

It is said that the maximum amount of black money has been revealed by the business group and their associates involved in the textile dyeing and printing business in Pali. The amount of undisclosed income with the group is said to be Rs 226 crore. After this, it is said that the next big unravelling was reported with the group involved in cables and files business in Pipliya Kalan where an undisclosed income of about Rs 80 crore was found. Meanwhile, about Rs50 crore has been uncovered from the packaging material manufacturer from Jodhpur. The officials also seized some documents related to the manipulation of share prices and adjustment of capital gains in Pipliya Kalan and Jodhpur, which may expose black money worth crores of rupees.

According to information received from reliable sources, the raid took place at the residences and offices and locations of associates of Bharat Kumar Gogar and Piyush Gogar, directors of the Gogar Group associated with textile dyeing and printing business in Pali. Whereas at various locations including residences, factories and offices of Pankaj Shah and Abhay Shah, directors of Prem Cables and PG Foils Group of Pipliya Kala and at Shripal Raj Lodha, director of Jodhpur’s packaging material manufacturer Uma Polymers Group and his business associate Aditya Singhvi.

Sources say that in the raid, the officials have also seized documents related to inflated expenses and adjustment of expenses to hide income, which will be analyzed separately. This is expected to further increase the Rs 356 crore undisclosed income uncovered so far.