Indore: Moira group surrenders unaccounted income of Rs 90 crore
The probe into incriminating documents seized from the premises of Moira group by the income-tax department last month is still underway.indore Updated: Jul 03, 2015 22:49 IST
The probe into incriminating documents seized from the premises of Moira group by the income-tax department last month is still underway.
The investigation wing of the income-tax department had carried out searches at 15 premises of Moira group in addition to those of its business associates in mid June. Four days later, the group had surrendered unaccounted income of Rs 90 crore before the investigation wing.
At the end of five-day long search on June 20, the department began scrutiny of seized documents and computers, which contained Moira group's cash transactions, books of accounts and stocks.
In last three days, the scrutiny slowed down as the local staff was deputed for another search held in Bhopal and adjoining areas.
The investigation wing is keen to trace unaccounted income of more than Rs 90 crore which the group has surrendered. "We expect it to be more than Rs 150 crore," a department official said on the condition of anonymity.
A sum of Rs 2.5 crore was seized during the search. The documents seized from the group's premises indicated that it obtained unsecured loans from business companies which existed on paper. The seized documents also pointed out at group's involvement in hawala transactions.
Moira Thermax Saria is one of the leading manufacturers of steel bars, iron rods in MP having manufacturing units in Ghatabillod and Pithampur in neighbouring Dhar district.