I-T dept raids find Rs 1,500cr unaccounted transactions

Mumbai: Income Tax (I-T) department in a countrywide search on the premises of JMJ group (that manufactures Goa pan masala) seized Rs 13 lakh, Rs 7 crore worth jewellery and found unaccounted transactions worth Rs 1,500 crore and suspicious fund diversion. A press note issued by the I-T department stated the search and seizure action has led to detection of foreign assets lying with a company registered in tax haven

British Virgin Islands

(BVI) with an office in Dubai and controlled and managed by chairman of the group. Sources stated Sachin Joshi controls the BVI companies.

I-T officials stated the net worth of the BVI company is Rs 830 crore, created by siphoning off funds from India. They further added these funds had been round tripped to India in the form of share premium of Rs 638 crore in the flagship companies of JMJ group. An employee of the JMJ group, who was also a

shareholder

in the BVI company, was cross-examined in the presence of Joshi. The employee told officials he was not aware about being a shareholder in the company and had signed papers on the instructions of Joshi.

I-T officials also found the group had availed Rs 398 crore bogus income tax deductions with the help of their two firms in Himachal Pradesh. They also claimed Rs 63 crore false tax deductions in their unit’s name in Gandhidham. Officials also found that the JMJ group produced pan masala worth Rs 247 crore without showing it in their record. The department also put prohibitory orders on the operation of 16 bank lockers and 11 premises belonging to JMJ group and the

Joshi family

. I-T officials claim to have recovered digital evidence. VijayV Singh


Explore the yearly horoscope 2025 for Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn, Aquarius, and Pisces zodiac signs. Spread love this holiday season with these New Year wishes, messages and quotes.