IT dept conducts raids on Sahara group’s properties
25 Nov 2014 5:22 AM IST
The Income Tax department on Sunday conducted searches on the premises of Sahara group in the national Capital and adjoining areas on charges of tax evasion.
Sources said the searches were launched by the taxman at least three locations of the group, one in Delhi and two in the national capital region, as part of its ‘tax related demands’ against the business group.
The searches, sources said, were on till late in the evening and I-T sleuths seized some documents,
electronic records and cash from the premises.
The Sahara group confirmed the development but expressed ignorance as to why this action was
being taken against it.
‘We do not know what is the case and why all these raids are done. Please also note that there is some amount found by the agency during the raid. To clear the ambiguity from the beginning and stop any speculation, we would like to upfront inform that each and every penny found is accounted and company’s legitimate money.
Since last one year, we are facing complete embargo on our properties and for 20 months all our accounts were freezed and the entire amounts of accounts have been paid to SEBI,’ a Sahara spokesperson said. Recently, another central investigative agency— the Enforcement Directorate (ED) registered a money laundering case against the group in connection with non-payment of crores of rupees to depositors as probed by capital markets regulator SEBI.
The criminal case was registered by Mumbai zonal office of the ED, under the Prevention of Money
Laundering Act.
Sources said the searches were launched by the taxman at least three locations of the group, one in Delhi and two in the national capital region, as part of its ‘tax related demands’ against the business group.
The searches, sources said, were on till late in the evening and I-T sleuths seized some documents,
electronic records and cash from the premises.
The Sahara group confirmed the development but expressed ignorance as to why this action was
being taken against it.
‘We do not know what is the case and why all these raids are done. Please also note that there is some amount found by the agency during the raid. To clear the ambiguity from the beginning and stop any speculation, we would like to upfront inform that each and every penny found is accounted and company’s legitimate money.
Since last one year, we are facing complete embargo on our properties and for 20 months all our accounts were freezed and the entire amounts of accounts have been paid to SEBI,’ a Sahara spokesperson said. Recently, another central investigative agency— the Enforcement Directorate (ED) registered a money laundering case against the group in connection with non-payment of crores of rupees to depositors as probed by capital markets regulator SEBI.
The criminal case was registered by Mumbai zonal office of the ED, under the Prevention of Money
Laundering Act.
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