During the recent operations conducted by the Income Tax Department against an edible oil manufacturing firm situated in Kanpur, a significant discovery was made. A hidden room concealed within the premises yielded a substantial amount of wealth, consisting of both cash and gold, with an approximate total value of Rs 3 crore.
The focus of these Income Tax Department raids was the Mayur Group, a prominent conglomerate headquartered in Kanpur, primarily engaged in the production of vegetable oil, food products, and packaging. These extensive operations spanned across various locations, encompassing three sites in Mumbai, Surat, and Kolkata, 15 in Madhya Pradesh, and 20 in Uttar Pradesh and Delhi. A dedicated team comprising 150 officers was involved in the execution of these raids.
Remarkably, during the initial day of the operation, authorities unearthed a concealed stash of cash and gold within the Kanpur residence of Manoj Gupta, the owner of the Mayur Group. This substantial wealth, including cash holdings and gold coins, was ingeniously concealed behind a large mirror within a concealed room.
Initial information indicates that the Mayur Group had allegedly recorded a loan of Rs 25 crores from a fictitious entity that does not exist in reality. Additionally, suspicions have arisen regarding the group's financial activities, including the acquisition of loans from shell companies located in Kolkata and Mumbai. Furthermore, reports suggest instances of fictitious transactions with non-existent entities, raising concerns of potential illicit financial activities, including the laundering of unreported income, as indicated by insider sources.
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