Indore: Following the income tax raids at 40 locations of Kedia group across six states on Tuesday, its owners Vinay Kedia and Anand Kedia went ‘missing’ on Wednesday. However, the taxmen continued their action on Wednesday at location and seized Rs 5 crore cash and documents of 350 acre land. The team also traced more than 24 shell companies of the group during the action on Wednesday, which primarily used to launder money. Meanwhile, investigation wing director from Bhopal RK Paliwal reached in the city to supervise the action.
Sources further said that the company had deposited Rs 13.5 crore during the period of demonetisation. Following which the company came under the radar of income tax department which kept close watch on the bulk deposits made in banks through some special software. The company had declared black money worth Rs 1 crore under Pradhan Mantri Garib Kalyan Yojna. However, these efforts could not save the company from the radar of the taxmen.
It may be noted that sleuths of investigation wing of income tax department launched a massive search operation at 40 locations in 12 cities of six states including MP, Chhattisgarh, Delhi, West Bengal and Jharkahnd on Tuesday simultaneously.
Associated Alcohols & Breweries Limited (AABL), is one of the largest distilleries of the country and the flagship company of the Associated Kedia Group – a Rs 3000 million liquor conglomerate with interests in liquor manufacturing and bottling. Throwing a largest ever team of 275 officer in the countrywide action, the sleuths of the investigation wing are carrying out the biggest search action in post demonetisation.