Cash, fancy cars, a watch with diamonds, and expensive jewelry have been seized by officers from the Income Tax (I-T) department while raiding the Kanpur-based tobacco company Banshidhar Group.
In sixteen raids conducted simultaneously in Gujarat, Uttar Pradesh, and Delhi, the officials confiscated a watch with diamonds and large sums of money.
According to an official, the income tax officers visited the home of Shivam Mishra, the son of KK Mishra, the owner of Banshidhar Group, on the second day of the searches. KK Mishra reportedly registered assets of between Rs 25 and Rs 30 crore, but the expensive vehicles he had parked on his property were estimated to be valued between Rs 60 and Rs 70 crore.
On Thursday night, the raids at Bansidhar Tobacco Private Limited started. The Income Tax Department has claimed that the tobacco industry, which supplies raw materials to other businesses, is involved in widespread tax and GST evasion. As per report his watches worth Rs 12 crores.
Luxury cars were discovered at Mishra’s Delhi home on Friday, while the IT department confiscated cash worth Rs. 4.5 crore from locations connected to the company. Regarding another large tobacco company that purchased raw materials from Bansidhar Tobacco Private Limited, legal action is being planned.
