According to sources, income tax raids that took place on October 23 have, in further investigations, uncovered ₹150 crore worth of unaccounted transactions. In addition to the unaccounted transactions, ₹3 crore in cash and jewellery were seized during the raids.
Over 10 bank accounts belonging to the Ratnam Group and Nyalkaran Group have been sealed.
Sources from the Income Tax Department reported that the raids revealed money laundering transactions carried out by both the Ratnam and Nyalkaran groups.
Further investigations have also revealed that these groups are allegedly involved in the operation of shell companies, with share capital premiums being used to conceal transactions. Multiple documents related to unaccounted transactions have been found, according to the Income Tax Department.
Meanwhile, in Rajkot, raids were conducted on Industrial Private Limited and Kame Color Cell Private Limited, where more than ₹8 crore in cash was seized.
This company has units in both Morbi and Rajkot. In Morbi, they are involved in business of machinery for tile production and dye manufacturing, while another unit is involved in graphic printing.
Both companies are also suspected of large-scale evasion of Goods and Services Tax (GST). As a result, the Directorate General of GST Intelligence has launched an investigation into the raids. These companies are believed to be involved in both income tax and GST evasion.
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