A group based in Maharashtra and Goa, which is a steel manufacturer and trader from Pune, Nashik, Ahmednagar, and Goa, has got raids on this group. Raids have been done at more than 44 bases.
During the raids, all fake documents, bills, electronic evidence have been changed. Fake e-way bills were recovered through the Vehicle Tracking App of GST Authority Pune. So far, evidence of bogus purchases worth Rs 160 crore has been found from this group.
In the investigation, there is a possibility of increasing the amount of this fraudulent purchase, still, the Income Tax officials are investigating.
In the investigation, information has been received about a shortfall of goods worth Rs 3.5 crore and excess stock of about Rs 4 crore. Along with investment in property, cash of Rs 3 crore, jewelry worth Rs 5.20 crore has also been confiscated from different places. 194 kg of silver goods worth 1.34 crores have been found.
So far, the investigation has found an income of Rs 175.5 crore in which jewelry cash is bogus. Income tax raids and investigations are going on continuously.