Following a major search and seizure action recently carried out at multiple locations in Hyderabad, Bhopal as well as other major cities in the country, a joint team of tax sleuths from Chhattisgarh and Andhra Pradesh on Tuesday morning mounted a massive ‘consequential’ survey operation on two-storey commercial complex of M/s R R Industrial Corporation (India) Limited, situated at Telghani Naka, an ever-busy business hub in State Capital. The firm covered under the income tax survey is primarily owned and operated by a certain individual Sanjay Jain, who is into export and trading of iron and steel. Say it a sheer coincidence that the massive survey operation by tax sleuths coincided with the official tour of R K Paliwal, Principal Chief Income Tax Commissioner, to Raipur today. In the meantime, the tax officials accompanied by local police escort faced no resistance at any point of time during the operation, which continued till late Tuesday night.

 

The team of taxmen arrived at the scene by a privately rented SUV to avoid the risk of being exposed to the tax evaders. “The survey operation in Raipur was to trace the ‘money trail’ unearthed during the concurrent search and seizure action by the taxmen on nearly two dozen premises in Hyderabad, Bhopal, Kolkata and other places recently, which led to the unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans. The concealment, which runs into several crores, had clear and present linkage with the firm M/s R R Industrial Corporation (India) Limited,” said a tax enforcer, who took part in the operations, which commenced 7 am on Tuesday. Meanwhile, sources averred that Sahaja Nand, Assistant Director (Investigation Wing) was leading a 7-member team of tax enforcers roped in from the Raipur office and they were being accompanied by an unidentified senior income tax official from Hyderabad, who has been coordinating between his superiors and the local tax investigators taking part in the survey operation.

 

“The survey was conducted based on the available data in the departmental database including the analytics of financial statements as well as the market intelligence and field enquiries,” the sources added. According to the sources, the survey established that the persons of the firm used Kolkata-based paper/shell companies, which is based on the seizure of evidences including heaps of loose papers, desktops, laptop and other forms of digital data storage devices. Name of one such shell company is learnt to be Kush Trading & Commerce Pvt Limited, situated at QRT-2 Saket, Namah, 67, S N Rot Road, Flat no-2B, Kolkata (West Bengal) and their Directors are Sanjay Jain and Rekha Jain.

 

“The persons associated with the firm used paper/shell companies to route back their own unaccounted money. Evidence of the use of this modus-operandi to generate huge unaccounted cash was found along with details of the entire network of the entry operators, intermediaries, cash handlers, beneficiaries and the firms and companies involved,” the sources maintained. Sources also asserted that the preliminary analysis of digital data including pen drive, retrieved mails has given clinching evidences in this regard. So far, documents evidencing accommodation entries to the tune of crores have already been found and seized. “Further investigations are in progress and more revelations will come to fore once the survey resumes on Wednesday morning.