Income tax department raids major steel industrialists in Jalna and recovers 58 crore in cash

The Income Tax Department took major action in Jalna against black money in the first week of August 2022 in which unrecorded assets worth Rs 390 crore were taken restored so far. A number of teams from the IT department carried out the search operations at the residences, properties and factories of various steel industrialists in Jalna from 1 August 2022 to 8 August 2022. The recovered assets include Rs 58 crores in cash, 32 kilograms of gold, diamonds worth crores and documents related to properties worth more than Rs 300 crores.

The income tax department carried out searches in many places at the same time by deploying various squads. The department examined the three rolling mills of the new MIDC, as well as the financial transactions associated with them. Those searched include a prominent property developer and businessman from Chhatrapati Sambhaji Nagar (Aurangabad).

Income tax officers disguised had invited themselves to the wedding so no one would know they were on their way to the raid. Income tax officials arrived in Jalna in vehicles decorated with “Dulhan Hum Le Jayenge” stickers. The fleet had 260 officers and 120 vehicles. The raids began on August 1 and the process took eight days.

Jalna is well known in Maharashtra for its steel industry. However, the income tax department uncovered the illicit steel industry. Income tax authorities raided homes, farms and offices of steel manufacturing companies. Whether these four major iron and steel works in Jalna received additional income through transactions totaling millions of rupees and cashed in from these transactions has not been documented. As a result, the income tax department carried out their raid in a top secret manner.

The team initially arrived empty-handed. However, as the team raided a farm outside of town, chaos ensued. Money was discovered in bundles under the beds and in the closet. Huge sums of cash were discovered in the residences of three factory workers. Additionally, gold ornaments, gold bricks, gold biscuits, coins and diamonds were unearthed. A total of 32 kilograms of gold were recovered. Unrecorded assets worth Rs 300 crore were also discovered during these raids.

In Aurangabad, two businessmen were also raided. It was discovered that they had 58 crores in cash. There were 25 cloth bags filled with wads of cash. The local state bank was then visited to count the total amount. Around 11 a.m. the counting began, and it ended at 1 p.m.

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