Indore : The Income Tax officials were surprised when they found quantum bank transactions by City-based BSE and NSE listed company, Neo Corp International Ltd (NCIL). They also found most of transactions were made by the associate companies of the NCIL.
The I-T department had conducted surveys in February this year exposing its bank transactions in foreign shores. Besides its Swiss account, there found accounts in the United Kingdom.
The NCIL is a company with an equity base of 38.02 million shares and listed on the National & Bombay Stock Exchanges (NSE & BSE) and Bourse de Luxembourg (Luxembourg Stock Exchange). It enjoys a Star Export House status recognized by the Union Government in view of its excellent export performance.
The company was in the I-T radar in February this year when 125 sleuths of the I-T Department conduced the search and seizure operations at 15 premises of its owners, directors and associates of the company.
During survey, they found Rs 55 lakh cash and jewellery worth Rs 2 crore from bank lockers of the directors of the company.
The company used to conduct heavy bank transactions through its associates. Even during search action when the I-T sleuths approached different banks, the officials were shocked to see quantum transactions forcing them to seek entire information from the banks.
Offices in country and abroad
It has a registered office in Mumbai and corporate office at Dewas Naka, Indore. Besides these, the NCIL has seven offices in Mumbai, Delhi, Kolkata, Nagpur, Mangalore, Patna and Ahmedabad and 4 offices in foreign shores— one each in the UK and China and 2 in the USA.
NCIL boss goes absconding
The I-T officials are now waiting for return of NCIL boss Satish Trivedi, who left just before the commencement of action.
