Photo: ANI/Twitter
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Income Tax Dept Concludes Raids At Premises Of Uflex After 6 Days
Tonnes of documents, 120 hard disks and 50 diaries containing information related to bogus transactions have been recovered during the raids
Topics
Uflex | Income Tax department | IT raids
Income Tax (I-T) Department raids on the premises of packaging company Uflex have concluded after six days.
Tonnes of documents, 120 hard disks and 50 diaries containing information related to bogus transactions have been recovered during the raids that were being carried out at more than 80 locations of the Uflex Group in eight states, from February 21.
During the investigation, the I-T Department detected irregularities of about Rs 1,500 crore and seized documents related to bogus transactions worth Rs 1,000 crore.
The officials also found information regarding more than 60 shell companies being run under the names of people of eight families belonging to the economically weaker section of the society, that had been engaged in the transfer of more than Rs 1,000 crore to different accounts.
The Department has sealed 28 lockers belonging to Uflex Group and its officials in different cities.
I-T officials have seized more than Rs 3 crore in cash during the entire operation, a team of more than 900 members had been deployed by the Department in the same.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Mon, February 27 2023. 14:05 IST
RECENT NEWS
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more