Indore: In a major breakthrough in crackdown on Ujjain headquartered Shriji Polymers, income tax department sleuths recovered Rs 75 lakh from bank lockers of the company in city on the second day of their nationwide action against the leading manufacturer of packaging products on Friday.
Investigating officers of the department found at least 15 lockers of the company with different banks where the whopping amount was stored in cash, corroborating the suspicion of a very heavy amount of cash being deposited by the company during the period of demonetisation fetching I-T eye. Teams comprising tax department as well as police officials have been carrying out countrywide raids on the company properties for suspected tax evasion, under which as many as 50 locations in seven states were searched on Thursday.
According to sources, officers are carrying out action at seven properties of the company, its directors and associates in the city. Besides that, effort is also on to identify the dummy directors. With the probe advancing further, the figure of recovery may go higher.
Explaining the logic behind I-T action against the Rs 300 crore turnover company, sources said that officials of the company used demonetised currency notes to repay heavy amount of its loans and thus, heavy cash was deposited in the banks, which caught the eye of the I-T department.
CGST asst commissioner’s residence raided
Income tax department teams raided a residence of a Central Goods and Service Tax officer in Chandra Lok Colony here on Thursday morning in connection with the suspected tax evasion by the Sriji Polymers. The house of assistant commissioner in CGST Commissionerate Indore, Sunil Datta was one of the seven properties in city raided by the department teams. During his posting in Ujjain, Datta had established close financial ties with the managing director of the company Anand Bangur and others. According to sources, Datta’s son Kovid Datta too was closely associated with the company. Despite Sunil Datta’s transfer to Indore, he maintained his close relationship with Bangur and also facilitated in keeping his son’s contact with ‘big-bosses’ of the company intact. Kovid has made investments worth crores of rupees in purchasing LIC policies, the sources said, adding few years ago CBI had also raided the residence of Sunil Datta and collected documents of large investment as evidence. Subsequently, the documents further were handed over to income tax department by the central investigation agency.