Lamborghini, Porsche, Rolls Royce & over Rs 4.5 crore cash seized from tobacco baron's home
The Income Tax Department raided a Kanpur-based tobacco company and its owner's residence in Delhi and seized Rs 4.5 crore. These raids in Delhi, Uttar Pradesh, Gujarat and Mumbai exposed alleged inconsistencies in the company’s turnover.
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FollowThe Income Tax Department has seized Rs 4.5 crores after raids on the premises of a Kanpur-based tobacco company on Friday. Authorities also discovered a number of high-end vehicles in the Delhi home of the business's owner, including a Rolls-Royce Phantom, McLaren, Lamborghini, and Ferrari, all valued at more than 60 crores.
An Income Tax Department team stormed Kanpur-based Bansidhar Tobacco Private Limited on Thursday night. The raids, conducted in around 20 different locations across various states, led to the discovery of cash, documents and other luxury items. These raids in Delhi, Uttar Pradesh, Gujarat and Mumbai exposed alleged inconsistencies in the company’s turnover.
Concurrently, fifteen to twenty teams carried out comparable inspections on individuals connected to the company's sites in five states, including Delhi, Gujarat, and Andhra Pradesh.
These searches, which took place in five states, including Shivam Mishra's residence in Delhi's Vasant Vihar, involved as many as fifteen to twenty teams. The IT team struck gold in Mishra's residence, who is the Banshidhar Tobacco Company's heir.
The Income Tax Department alleges that the tobacco company, which supplies raw materials to other firms, evaded filing taxes and GST on a large scale. The authorities are also looking into the businessman KK Mishra, popularly known as Munna Mishra, bank transactions and property records. One of the biggest tobacco supplying company in the nation, Banshidhar Tobacco Private Limited, supplies products to major pan masala groups.
Reportedly, the company declared its turnover to be Rs 20 to 25 crore, when in reality, the actual figure was somewhere around Rs 100 to 150 crore.
