IT Raid: Raids on 25 locations, including former fund manager, over 55 crore undeclared assets seized

Posted on 6th Aug 2022 by rohit kumar

The Income Tax Department has seized over Rs 55 crore of undeclared assets by raiding the premises of the former fund manager of Axis Mutual Fund, some stock brokers, and others. Evidence of large amounts of hidden investment has also been found during the raids.

 

According to the CBDT, Income Tax officials had started raids on July 28 at the premises of former fund manager and head trader of Axis Mutual Fund, Viresh Joshi, and others. During this, more than 25 locations were searched in Mumbai, Ahmedabad, Vadodara, Bhuj, and Kolkata. These include the hideouts of middlemen and hawala operators.

 

The modus operandi of the entire forgery was exposed from the affidavits of various people recovered in the raids. Viresh Joshi used to give advance information related to business to brokers and middlemen and some people abroad. These people used to make profits in the stock market by misusing this information.

 

Although the fund manager's name is not available in the evidence found, sources have identified Viresh Joshi. Viresh Joshi and his family members have confessed in their statement that whatever undisclosed amount generated from such transactions was used to get into their bank accounts through shell companies based in Kolkata.

 

From these accounts, this amount was further deposited in the bank accounts of companies in India and other low-tax countries. The documents and data relating to large-scale unaccounted investments in cash loans, fixed deposits, immovable properties, and their renewals, etc. have been seized, the CBDT said.

 

NMC asks for details of doctors from the Income Tax Department

 

The National Medical Commission (NMC) has sought details of doctors from the Income Tax Department who had allegedly received freebies from six pharma companies, including Micro Labs, which manufactures Dola-650 tablets, against whom raids were conducted last month.

 

The Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department, in July accused the makers of the widely used Dolo-650 tablet of indulging in "immoral activities" and free distribution of around Rs 1,000 crore to doctors. Imposed.

 

On July 6, the Income Tax Department conducted raids in nine states. The raids were conducted at 36 premises of Micro Labs Limited based in Bengaluru. In a letter dated August 3, the NMC had requested CBDT chairman Nitin Gupta to send the names of the names along with the registration numbers and the addresses of the doctors involved so that those details could be sent to the respective state medical councils for information and necessary action.

 

Also Read: Mamta Banerjee meets PM Modi, and talks on many issues including GST arrears

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