MP: I-T raid on Shivhare group continues

  • HT Correspondent, Hindustan Time, Bhopal
  • Updated: Jan 08, 2016 21:18 IST

Income tax searches that began on Thursday on the premises of the Shivhare group, a liquor contractor in MP, continued on Friday as well.

By Friday, income tax sleuths had found Rs 2 crore in cash apart from jewellery worth Rs 2 crore and investments in land, colleges and a cold storage, said sources.

The searches have been taking place at 55 premises spread over MP, UP and Jharkhand, including in Gwalior, Bhopal, Indore and Jabalpur continued on Friday as well.

Income tax sleuths said that they found that a lot of business transactions of the liquor contractor were in cash and were unaccounted for. They also found evidence of violation of the excise act, which resulted in a loss of revenue to the MP government.

Evidence of investments in real estate, engineering and MBA colleges was also found, they said.

The control room for the search has been established at Gwalior and the entire investigation wing has moved to Gwalior to co-ordinate the search better since the Shivhare group is headquartered there.

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