I-T raid on top firm yeilds Rs 1.88 cr worth cash, assets

MUMBAI, AUG 18: The investigation wing of the Income Tax department conducted searches and surveys on a group of companies manufacturing polymers, transformer oil and transmission cables. The raids were conducted on 14 premises on Thursday and Friday (Aug 18). These included 11 in Mumbai and three in Baroda. Surveys were also conducted at the company’s premises in Coimbatore and Pondicherry.

Undisclosed cash and assets totally worth Rs 1.88 cr were seized after the raids. A secret chamber was discovered in the prayer room in the residence of one of the directors of the firm, I-T sources said. Jewellery worth over a crore of rupees was found in this chamber, with incriminating papers. Sixteen other bank lockers have been sealed and are likely to be opened only on Monday.

Though I-T sources confirmed the raids, they were not willing to reveal the identity of the group. Market sources, however said it was the Apar group, which is also a leading supplier to many state electricity boards.

I-T officials only said the company raided was a public limited company with a turnover of Rs 350 cr and that investigations were continuing.