Income Tax Department continues to raid Uflex Company’s 83 locations across the country

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Noida (UP) : The raids of the Income Tax Department continued on Thursday at 83 locations across the country of industrialist Ashok Chaturvedi’s company Uflex Group in connection with tax evasion. Income Tax Department officials gave this information. Officials said that the company’s accounts were being monitored for a long time, in which raids were conducted after confirmation of tax evasion and rigging.

So far, tax evasion and tax evasion of about Rs 187 crore has been detected in the accounts of the company in the packaging sector, while suspicious documents of transactions worth more than Rs 100 crore have been recovered. During the investigation, Rs 1.5 crore in cash was recovered from locations in Noida and Delhi and several bank lockers were seized. Officials said that for income tax evasion, 20 such bank accounts were used by Uflex company, which belong to people of very low income group. Rs 50-50 crore was transferred to their accounts.

Based on the documents received so far, the investigation team is estimating tax evasion of around Rs 500 crore. The scope of the probe has been widened and five more locations were included in the raids on Wednesday. Income tax raids are going on at 83 places across the country including 32 places in Noida. In addition to 600 teams in the National Capital Region (NCR), 150 teams are conducting tests at various places in the country.

The investigation team has so far caught 10 shell companies through which fake transfer of funds was done. The 10 foreign companies of Uflex in which the money has been transferred are also on the radar. The Income Tax Department’s investigation team had simultaneously raided the premises associated with the company and the residential premises of the officials at around 5 am on Tuesday.

Raids were conducted at six additional locations in Noida, Delhi, Haridbar and Gwalior on Wednesday. Officials said that on the basis of recovered documents, the scope of investigation is continuously increasing. Official sources of the department said that Rs 1.5 crore cash has been recovered during the ongoing investigation at different locations in Noida and Delhi. The company in the packaging and containers sector manufactures Pan Masala Packets.

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