E-Paper
Income Tax raid: ₹56 cr cash seized from 3 footwear manufacturers in Agra
The I-T operation would conclude on Tuesday when the seized cash is deposited in the bank, officials said.
The investigation wing officials of the Income Tax (I-T) department said that they had recovered ₹56 crore in cash from the premises of three footwear manufacturers in Agra.
The I-T operation would conclude on Tuesday when the seized cash is deposited in the bank, officials said.
“Cash of ₹56 crore has been recovered. Apart from the cash recovery, we have been able to trace documents that exposed out-of-book business transactions by these three firms,” confirmed an I-T official involved in the search and seizure operation.
Of the total ₹56 crore cash seizure, ₹53.5 crore was seized from Har Milap Traders alone while the rest of the amount was recovered from BK Shoes and Manshu Footwear.
The search, directed by joint director, I-T in Agra Dr Amar Jot, began on Saturday afternoon. A team of about 80 staff members, led by deputy director Pankaj Kumar and deputy director Ashima Mahajan, conducted the search on the premises of footwear traders.
Nearly a dozen counting machines were used to count the seized currency notes, officials said. They added that though the count of currency in denomination of ₹500 was completed on Monday, an extra day was needed to get the ₹56 crore deposited in the bank.
The three footwear business houses where I-T department carried out its operation included premises at MG Road, Dhakran, Hing Ki Mandi and Surya Nagar. The I-T department team that was part of the operation were from Agra, Kanpur, and Lucknow.
