New Delhi: Unpaid taxes on ₹700 crore of income over six years, violation of stock market rules, and evidence of profits being siphoned off from listed companies have been found in searches at the Dainik Bhaskar Group, the Income Tax Deptartment alleged on Saturday.
“During the search, it was found they have been operating several companies in the names of their employees, which have been used for booking bogus expenses and routing of funds... Several of the employees, whose names were used as shareholders and directors, have admitted that they were not aware of such companies,” the dept said.
“Such companies have been used for multiple purposes namely booking bogus expenses and siphoning off the profits from listed companies, routing of funds so siphoned into their closely held companies to make investments, making of circular transactions etc.”
“The quantum of income escapement using this modus operandi, detected so far, amounts to ₹700 crore spread over six years. However, the quantum may be more as the group has used multiple layers and probes are being carried out to unravel the entire money trail,” it said.
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