Sri­na­gar-based busi­ness group

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - Ji­ten­der Sharma cor­re­spon­[email protected]­dia.net Zee Me­dia News­room

New Delhi: The In­come Tax De­part­ment on Tues­day con­ducted search and seizure op­er­a­tions on a prominent Sri­na­gar-based busi­ness group, cover­ing eight premises in Sri­na­gar and one each at Ban­ga­lore and Delhi. The as­sessee group is en­gaged in the busi­ness of transporta­tion, manufactur­ing of silk yarn, hos­pi­tal­ity, re­tail trad­ing of Kash­mir arts & crafts etc.

None of the mem­bers of the group is reg­u­lar in fil­ing their In­come Tax Re­turns. As a one­time set­tle­ment, the group has got their loans of Rs 170 crore with J&K Bank re­struc­tured for a sum of Rs 77 crore, out of which, pay­ment of only Rs 50.34 crore to the J&K Bank has been made so far and bal­ance of Rs 27.66 crore is yet to be paid. Dur­ing the search, evidence has been de­tected in­di­cat­ing that the one-time set­tle­ment of the loan from J&K Bank has been done through the ac­tive con­nivance of a se­nior J&K Bank of­fi­cer who was re­ceiv­ing sev­eral out-of-turn pro­mo­tions. Fur­ther­more, evidence has also been un­earthed in­di­cat­ing that the re­pay­ment of Rs.50.34 crore per­tain­ing to the said loan has been green­fielded by the J&K Bank by grant­ing a loan of sim­i­lar amount to an as­so­ciate who has con­fessed to his role in lay­er­ing the en­tire trans­ac­tion.

Dur­ing the search, dig­i­tal evidence found has been seized, anal­y­sis of which is in progress.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.