Nilay Daga
Nilay Daga
FP photo

BHOPAL: The income tax department has detected undisclosed income to the tune of Rs 450 crore during raids on business establishments of Congress MLA and businessman Nilay Daga and his brothers. The income tax department’s official statement said that during the course of the search operation, unexplained cash of over Rs 8 crore and unexplained foreign currency of various countries amounting to more than Rs 44 lakh have been seized. Nine bank lockers have also been found during the search. The group has introduced unaccounted income to the tune of Rs 259 crore by way of introduction of share capital at huge premium from Kolkata-based shell companies.

The group has also introduced undisclosed income of Rs 90 crore in its books of accounts by way of sale of paper investments in shell companies to another set of shell companies of Kolkata. None of the companies was found to be operational at their shown address and the group could not confirm the identity of such paper companies or any of its directors. Many of these paper companies were found to be struck off by the Ministry of Corporate Affairs. Bogus loss of Rs 52 crore was claimed by the group to suppress their profits, by indulging in intra-group out-of exchange contract settlement.

The group has also claimed incorrect Long Term Capital Gains exemption of over Rs 27 crore on sale of shares. Investigations revealed that the purchase of these shares was not genuine as group directors purchased shares of this entity at nominal value from non-existent Kolkata based shell companies. Various types of evidence including chats among key persons of the group reflect unexplained cash payment and hawala transactions of over Rs 15 crore. Incriminating evidence in the form of laptops, hard drives, pen drives etc have been found and seized.

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