The Income Tax department allegedly found Rs 153 crore of black money after raiding the premises of Uttar Pradesh's big construction company Ghanaram Construction for five days. Income tax teams raided many places, including Noida, Jhansi, Lucknow and searched the documents of the company.
The main focus of the raid was the base of Ghanaram Construction in Jhansi, from where the company was operating.
The I-T department also seized Rs 15.50 crore cash and jewelry after raiding Jhansi-based Ghanaram Construction Company. Benami assets worth about Rs 40 crore have also come to light.
The construction company will pay tax on the alleged black money found in the raid. The income tax department also found evidence of cash transactions worth Rs 250 crore. Documents of land worth Rs 300-400 crore across the country have also been found in the raid.
In the raids, that lasted for about six days in Kanpur, Lucknow, Jhansi, Delhi and Goa, huge properties have been exposed which were not even recorded in the papers of the companies.
The I-T department allegedly found a link to Ghanaram Constructions in a raid at a hospital in Kanpur a few months back. Sources claim that the Income Tax team found some information related to the construction company at a raid in a Kanpur hospital a few months back.
During the raid in Jhansi on August 3, the CA of Ghanaram Constructions went on the morning walk. But he did not return when he came to know about the raid and went to Delhi via Lucknow.
When he did not return, ever after being called several times, the income tax teams entered the building and found the vault open. The team uprooted it and took it along.
The CA is allegedly a partner in the firm involved in shady transactions and tax evasions.
Company's director links with Samajwadi Party
Ghanaram Construction Company, which has done construction projects worth billions in Bundelkhand, is one of the largest construction companies in Bundelkhand and one of the biggest construction companies in Uttar Pradesh. Ghanaram Construction belongs to Shyam Sunder Yadav, former MLC of the Samajwadi Party. Shyam Sundar Yadav and his brother Bishan Singh Yadav are directors of the company. Shyam Sundar Yadav laid the foundation of this company in the name of his late father Ghanaram Yadav 30 years ago.