During the ongoing raids conducted by the Income Tax Department on a Kanpur-based tobacco baron, an impressive haul of cash and jewelry, exceeding a total value of Rs 7 crore, has been reported so far. The extensive search operation, extending into its third day on Saturday, has resulted in the discovery and confiscation of cash amounting to Rs 4.30 crore and jewelry valued at Rs 3 crore.
The targeted individual in question is KK Mishra, the proprietor of Bansidhar Tobacco Private Limited, based in Kanpur. The search at Mishra's Delhi residence on Friday yielded the substantial seizure of cash and jewelry. In addition, a noteworthy revelation during the ongoing raids included the discovery of a fleet of luxury cars, among them a Rolls-Royce Phantom, collectively valued at Rs 60 crore.
Further scrutiny of the confiscated items revealed the presence of high-end watches, including one encrusted with diamonds, estimated to be worth Rs 2.5 crore. The exact valuation of these items is currently under assessment. An inquiry has been initiated to determine whether the luxury vehicles were acquired through funds acquired dubiously.
As part of the ongoing investigation, the Income Tax Department is interrogating KK Mishra, the tobacco baron. However, sources indicate that Mishra is attempting to evade questions by citing health issues. The focus of the inquiry includes inquiries into the source of funds for the luxury vehicles, given that the turnover of Mishra's company is reported to be in the range of Rs 20-25 crore.
The raids at Bansidhar Tobacco Private Limited commenced on Thursday evening, with simultaneous searches conducted at locations associated with the company in five states, including Gujarat, Andhra Pradesh, and Delhi. The Income Tax Department alleges widespread tax evasion, both in terms of income tax and Goods and Services Tax (GST), by the tobacco company, which is a supplier of raw materials to other enterprises.
On Friday, an additional Rs 4.5 crore in cash was seized from the company premises, while the luxury cars were discovered at Mishra's Delhi residence. Simultaneously, preparations are underway to initiate legal action against another prominent tobacco company that procured raw materials from Bansidhar Tobacco Private Limited.
