In a 72-hour raid at finance firms in Maharashtra's Nanded in connection with tax evasion, the Income Tax Department on Thursday seized unaccounted property worth Rs 170 crore, including Rs 14 crore in cash and 8 kg of gold. The cash and gold were recovered from the premises of Bhandari Finance and the Adinath Urban Multistate Co-operative Bank, the officials said.
Maharashtra: IT Department Seizes Rs 170 Crore Wealth In 72-Hour Tax Raids At Nanded Finance Firms
The Income Tax Department seized unaccounted property worth Rs 170 crore, including Rs 14 crore in cash and 8 kg of gold. As per reports, the officials took 14 hours to count the entire amount of the recovered cash.
As per reports, the officials took 14 hours to count the entire amount of the recovered cash.
About the tax evasion case
In connection to a case of tax evasion, Income Tax Department officials from Pune, Nashik, Nagpur, Parbhani, Chhatrapati Sambhajinagar and Nanded jointly conducted raids in Nanded that started on May 10 and ended on May 12.
As per reports, the personal finance business establishment in Nanded is owned by siblings Vinay Bhandari, Sanjay Bhandari, Ashish Bhandari, Santosh Bhandari, Mahavir Bhandari, and Padam Bhandari.
The Income Tax Department teams reportedly raided the Bhandari Finance Private Limited office in Ali Bhai Tower, an office in Kothari Complex, three offices in Kokate Complex and Adinath Urban Multistate Co-operative Bank.
Besides, raids were also conducted on private residences in Paras Nagar, Mahavir Society, Farande Nagar and Kabra Nagar.
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