To be vetted: Income-tax raids in Poll-Bound Bihar

Just as Bihar got into the poll gear, the Income-Tax Department kicked off raids on a person in the business of mining and hotel industry as also on a chairman of a large cooperative bank.

It claimed seizure of unexplained cash of Rs 1.25 crore and the fixed deposits worth Rs 6 crore that were placed under prohibitory orders. The department, however, did not reveal the identity of two raided by the Income-Tax sleuths, except revealing that the raids were carried out on Tuesday in Patna and Sasaram in Bihar as also in Varanasi.

A press release of the department said it is also probing the source of investment in houses, a hotel and various vehicles. The documents found during the search also reveal that unaccounted and illegal mining of stone was also undertaken by the group. Further, it is seen that the books of accounts reflect crores of credits, which are also being examined for genuineness.

An amount of Rs 75 lakh was found in a car. Investigations showed that this was unaccounted money, linked to the cooperative bank chairman. The press release said document having details of substantial cash transactions were seized as these transactions are not reflected in the income returns.

Read Also

Maharashtra: Three booked for betting on IPL matches in Palghar