Maharashtra: Income Tax Department Conducts Raids On Nanded Finance Firms, Seizes Unaccounted Assets Worth ₹170 Crore

Mumbai: The Income Tax (IT) departments seized unaccounted assets of nearly 170 crores including cash of nearly 14 crores and 8 kg of gold in three days of raids at Nanded based Bhandari brothers running unlisted chit funds, micro finance, leasing and gold loan companies.

The taxmen raided six locations of Bhandari Finance and its allied firms on Friday which continued till late Tuesday night for unaccounted assets and financial irregularities to evade taxes.

A joint team of Chhatrapati Sambhajinagar and Nashik Income Tax Department stuck on the unlisted financial leasing and micro finance proprietary firm Bhandari Finance established in September 2022 run from Shivaji Nagar, Nanded by Sanjay Bhandari. The tax sleuths also raided Bhandari Buildtech Private Limited incorporated in October 2022 for cooking books of accounts and false entries of payments.

Senior tax officials were tight lipped about the raids and seizures on Bhandari brothers run entities. A team of 80 taxmen in a fleet of 30 unmarked vehicles swooped down in the upmarket Kokate complex and Ali Bhai tower at Shivaji Nagar, Nanded on Friday and continued searches during the weekend to seize account books, financial records, ledgers and electronic devices along with undeclared Rs 14 crore cash and 8 kgs of gold. A total of Rs 170 crore of unaccounted assets and transactions has been detected by the IT sleuths.