Indore: Under the ongoing crackdown on money launderers, especially those who deposited large amount of cash during the demonetisation last year, income tax department sleuths of the investigation wing carried out a search action against a know business firm based out of Khandwa on Tuesday.
Investigating officers revealed that the company had deposited whopping Rs 25 crore cash during the period of demonetisation. Over 35 officers of the I-T department along with 15 police personnel conducted the search action at two units of Khandwa Vinod Industries and MG Oil on wee hours of Tuesday. The action was taken simultaneously at five locations of both the units, mostly located at Ramkrishana Ganj, Pandhana Road, Khandwa.
“The search is also going on at two residences, two offices and a unit of the suspected companies. All these are located side by side on a huge campus,” sources said, adding that both the units engaged in cotton trade and extraction of cotton seed oil belonged to Vinod Bansal. “The proprietor of the units had deposited Rs 25 crore cash during demonetisation at different banks in Khandwa,” said an official.
According to highly places sources in the department, the action is being carried out based on confidential information received from Central Board of Direct Taxes (CBDT), which has gathered a large data of money launderers in the country along with information received from all the banks about the cash deposited during the period of demonetisation.
Sources further alerted that on the basis of the list such search action would intensify in coming days and several Indore-based industries were under the I-T scanner. Notably, Khandwa comes under the purview of chief commissioner of income tax Indore region, but this particular action is being controlled by director general of investigation wing of income tax, Bhopal. Also, a similar kind of I-T survey was conducted against the firm in 2013 as well, where it had surrendered Rs 90 lakh.