JK Bank case: IT conducts raids at former finance minister’s son house in Jammu and Kashmir

Income Tax Department

The Income Tax Department on Thursday conducted raids at various locations of a prominent business group based in Srinagar.The searches are conducted at 4 premises in Kashmir,6 in Jammu and 10 other premises in Ludhiana and NCR locations situated in Ludhiana, NCR and Jammu belonging to parties that have actively assisted the main tax evader in concealing his income and indulging in illegal activities have also been covered under survey action.

The group is engaged in the business of real estate and information technology. There were allegations of large scale diversion and misappropriation of loan taken from Jammu and Kashmir Bank by the group.

The group is engaged in the business of real estate and information technology. There were allegations of large scale diversion and misappropriation of loan taken from Jammu and Kashmir Bank by the group.

“During the search, it was detected that the tax evader has been given the illegal benefit of Rs 60 crore by J & K Bank. His outstanding loan of Rs 190 crore was settled at Rs 130 crore, although he did not deserve any concessional treatment. Additionally, even the reduced bank liability has either been defaulted by him or the repayment has been facilitated by active connivance of bank officials, who have evergreened his loan account by lending to third parties, who, in turn, gave their loaned funds to the tax evader through dubious financial transactions with him,” IT department said.

IT officials found that the main promoter was a director in a Dubai based company. He is also holding and operating a foreign bank account.

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