The Income Tax officials carried out survey operations at various locations including residential premises and offices of Ahmedabad-based Kushal Tradelink.
The officials searched the premises in Ahmedabad, Kheda and Gandhinagar. A total of 150 officials were involved in the operation. Nine lockers, Rs 1 crore in cash, Rs3 crore worth of unaccounted fixed deposits and several cash vouchers were also found. Officials suspect that the vouchers could be receipts for cash transations.
The company was put on the radar of the I-T officials after its share price which was around Rs 2 per share during demonetisation shot up to Rs 3000 per share later.
The department suspected the company was artificially managing its share price. Its turnover was Rs 338 crore in the year 2015-16 and at that time, the share price was Rs 550 while in 2016-17 the turnover was Rs 383 crore and the share price shot up to Rs 3000 crore.
Officials also believe that shell companies were created by the firm in Kolkata to help in tax evasion.
A total of 150 officials were involved in the operation. Nine lockers, Rs 1 crore in cash, Rs3 crore worth of unaccounted fixed deposits and several cash vouchers were also found.