In a major operation, the Income Tax Department has raided a prominent steel manufacturer and detected unaccounted income of around Rs 175 crore from 44 targeted premises in Maharashtra and Goa, officials said here on Saturday.
The series of simultaneous raids started on Wednesday in Ahmednagar, Nashik, Pune and Goa and investigations are still on with the recovery of incriminating documents and digital evidences.
The seizures effected so far include unaccounted investments in property, cash of Rs 3 crore, jewellery worth Rs 5.20 crore, silver articles of 194 kgs worth around Rs 1.34 crore, said the ITD.
As per the investigators, it has emerged that the group was engaged in fraudulent practice of booking bogus purchases of scrap and sponge iron from certain 'fake invoice issuers', and many such bogus documents were found in the raids.
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According to the ITD, such fake invoice issuers have revealed that they supplied only bills but no materials and also generated fake e-way bills to prove it as genuine purchases to enable the claim of GST Input Credits.
With the help of Pune GST authorities, the ITD deployed a 'vehicle movement tracking app' to identify the fake e-way bills.
Till now, the sleuths have identified bogus purchases from various parties to the tune of around Rs 160-crore and further verification process is still on.
The ITD also found a shortage of goods to the tune of Rs 3.50 crore and excess stocks of Rs 4 crore from the raided premises which has been admitted by the assessees (the steel company).
"So far a total of Rs 175.5 crore of unaccounted income has been unearthed including cash and jewellery, short and excess stocks and bogus purchases which have been admitted by assessee. Further searches and investigations are in progress," said the ITD.
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