Income Tax Department conducted searches on unicorn start-up group
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- Last Updated on 22 March, 2022
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Press Release, dated 20-03-2022
The Income-tax Dept. has conducted a Search & Seizure operation on a Pune & Thane based unicorn start-up group on 09-03-2022. The group has been primarily engaged in wholesale and retail of construction materials. It has Pan-India presence having an annual turnover exceeding Rs. 6,000 crore.
Various incriminating evidence in hard copy documents and digital data have been found & seized during the search operations. The evidence revealed that the group had booked bogus purchases, made huge unaccounted cash expenditures and obtained accommodation entries. Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds Rs. 1,500 crore.
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