Bhopal: I-T Also Looking Into Alleged Foreign Funding Of SOM Group

Bhopal: I-T Also Looking Into Alleged Foreign Funding Of SOM Group

Sleuths found that the group had opened bogus bank accounts in the name of lower rung staffers and parked crores of rupees in their accounts

Staff ReporterUpdated: Friday, November 10, 2023, 06:09 AM IST
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Bhopal (Madhya Pradesh): The income tax officials conducting raids on SOM group have found documents suggesting that the company allegedly received foreign funding. The group reportedly invested money abroad and then rerouted the sum to get the foreign funding. In the coming days, the Enforcement Department may look into the matter. Apart from this, IT officials also stumbled on the evidence suggesting that the group had opened bogus bank accounts in the name of lower rung staffers and parked crores of rupees in their accounts. Employees, drawing a paltry salary of Rs 10,000 to Rs 20,000 were unaware that such a huge investment was being done in their names.

The son of the group owner, who stays in foreign, was not interested in the traditional liquor business and so to establish him in the real estate business, the group had reportedly done a massive investment in a well known colony.

During the searches against the group, cash Rs 2.5 crores and jewellery have been found. The IT officials also came to know that SOM group is a listed company in the share market and it had invested more than the limit violating the SEBI rules as well.

The I-T searches against the group are underway in five states including Madhya Pradesh, Karnataka, Chhattisgarh. The investigating officers are going through the piles of incriminating documents to ascertain the exact amount of tax evasion committed by the group.

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