The Income Tax Department conducted a 72-hour raid at finance firms in Maharashtra's Nanded, resulting in the seizure of unaccounted property worth Rs 170 crore. The seized items included Rs 14 crore in cash and 8 kg of gold. The raid targeted Bhandari Finance and the Adinath Urban Multistate Co-operative Bank.
The operation involved hundreds of Income Tax Department officials from various cities, including Pune, Nashik, Nagpur, Parbhani, Chhatrapati Sambhajinagar, and Nanded. The raids, which began on May 10 and concluded on May 12, were conducted due to suspected tax evasion.
The establishments owned by siblings Vinay Bhandari, Sanjay Bhandari, Ashish Bhandari, Santosh Bhandari, Mahavir Bhandari, and Padam Bhandari were the primary targets of the raid. The officials counted the recovered cash for 14 hours to determine the total amount.
The raid encompassed multiple locations, including offices in Ali Bhai Tower and Kothari Complex, three offices in Kokate Complex, and the Adinath Urban Multistate Co-operative Bank. Additionally, private residences in Paras Nagar, Mahavir Society, Farande Nagar, and Kabra Nagar were also raided.
This large-scale tax raid marks the first of its kind in Nanded. The Income Tax Department has initiated further action against the accused individuals involved in the case.
