Millennium Post

INCOME TAX RAIDS HOOGHLY MILLS, LOCATES HAWALA FUND

The Income Tax (I-T) Department on Wednesday conducted massive raids on the Bajoria- Jatia run multi thousand crore Hooghly Group of Jute Mills on alleged charges of accumulating unaccounted income, amassing of assets disproportionate (DA) to income and parking of foreign funds through the illegal hawala trade. Hooghly is the largest jute group of Bengal. 

Speaking to Millennium Post, AA Shankar, Director General of Investigation, Income Tax department, said, “The raids are still continuing on the Group and we have searched 15 of their offices in Kolkata and Mumbai. We are trying to locate the modus operandi that the group had indulged in to create unaccounted wealth and income both within and outside the country also evading taxes’’.  

According to I-T sources, the department has located unauthorized entry and outgo of foreign funds from and to South Asian countries like Singapore, Thailand and Bangkok. Shankar refused to disclose the possible amount of evasion by the Group. He said, “It is too early to compute such figures but we have definite information that the amount is substantial. For the moment we have caught hold of a large number of incriminating documents.”
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