In a major crackdown on tax evasion, the Income Tax Department seized unaccounted property valued at Rs 170 crore. It included Rs 14 crore in cash and 8 kg of gold, following a 72-hour raid at finance firms in Maharashtra’s Nanded.
The raid, which concluded on 12 May after commencing on 10 May, targeted finance firms suspected of tax evasion, notably Bhandari Finance and the Adinath Urban Multistate Co-operative Bank.
It involved hundreds of Income Tax Department officials from multiple regions including Pune, Nashik, Nagpur, Parbhani, Chhatrapati Sambhajinagar, and Nanded.
According to officials, the extensive operation resulted in the recovery of Rs 14 crore in cash and 8 kg of gold from the premises of Bhandari Finance and the Adinath Urban Multistate Co-operative Bank.
Notably, it took authorities a staggering 14 hours to count the entirety of the recovered cash.
The raid was not confined to business premises alone.
The financial establishments in question are owned by:
- Vinay Bhandari
- Sanjay Bhandari
- Ashish Bhandari
- Santosh Bhandari
- Mahavir Bhandari
- Padam Bhandari
They collectively run a significant personal finance business in Nanded.
Income Tax Department officials conducted searches at several private residences in the following areas:
- Paras Nagar
- Mahavir Society
- Farande Nagar
- Kabra Nagar
Additionally, searches were carried out at the offices of Bhandari Finance Private Limited and Adinath Urban Multistate Co-operative Bank.
This operation marks the first instance of such a large-scale tax raid in Nanded. It underscores the government’s intensified efforts to curb tax evasion. The Income Tax Department has initiated further action against the accused, signaling a stringent stance against financial irregularities and tax offenses.
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