Noida, Feb 27 (SocialNews.XYZ) Income Tax (I-T) Department raids on the premises of packaging company Uflex have concluded after six days.
Tonnes of documents, 120 hard disks and 50 diaries containing information related to bogus transactions have been recovered during the raids that were being carried out at more than 80 locations of the Uflex Group in eight states, from February 21.
During the investigation, the I-T Department detected irregularities of about Rs 1,500 crore and seized documents related to bogus transactions worth Rs 1,000 crore.
The officials also found information regarding more than 60 shell companies being run under the names of people of eight families belonging to the economically weaker section of the society, that had been engaged in the transfer of more than Rs 1,000 crore to different accounts.
The Department has sealed 28 lockers belonging to Uflex Group and its officials in different cities.
I-T officials have seized more than Rs 3 crore in cash during the entire operation, a team of more than 900 members had been deployed by the Department in the same.
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