The Income Tax Department has claimed to have recovered assets worth more than Rs 450 crore by raiding the business premises belonging to the family of Congress MLA Nilay Daga from Betul in Madhya Pradesh.
It is being told that Nilay and his family have shown 259 crore rupees only by investing shares in different companies. A large amount of their undisclosed assets have been acquired through investment in shell companies. According to the Central Board of Direct Taxes (CBDT), simultaneous action was taken at Betul and Satna of Soya Products Manufacturing Group based in Betul, Solapur in Maharashtra, Mumbai and Kolkata in Bengal. During this time 8 crore rupees were received in cash. The company could not provide this information.
According to the CBDT, “No company was found to be operating at the given address. The group could not confirm the identity of such paper companies or any of its directors. Many paper companies were found closed by the Ministry of Corporate Affairs. The group incorrectly Claimed to have exempted long-term capital gains of more than Rs 27 crore on the sale of shares of the group entity. Investigation revealed that the purchase of these shares was not genuine, as the directors of the group had bought shares at nominal value. .
According to sources in the Income Tax Department, Nilay Daga and his brother were doing fake transactions with 24 companies in Kolkata. Its main purpose was tax evasion. Hundreds of such documents have been received by the Income Tax team, which proves that the Daga brothers have done transactions of up to Rs 100 crore from these companies.