Sunday, August 14, 2022
News

Income Tax Dept raids 25 premises of mutual fund firm

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | August 5, 2022 8:26:47 PM IST
The Income Tax Department has raided 25 premises spread across Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata linked to a prominent mutual fund house, the Union Ministry of Finance said on Friday.

The raids were carried out on 28th July 2022. It covered an ex-fund manager and chief trader of equities of a prominent mutual fund house along with related sharebrokers, middlemen and entry operators.

Evidence of large-scale unaccounted investment in cash loans, fixed deposits, immovable properties and their renovation, etc. have also been found and seized. More than 20 lockers have been put under restraint. So far, unaccounted deposits exceeding Rs 55 crore have been seized. Further investigations are in progress, the ministry said in a statement.

As a result of the search operation, various incriminating pieces of evidence in the form of documents and digital data have been found and seized. These evidence gathered during the search including sworn statements recorded from various persons have revealed the modus operandi, the ministry said.

It has been detected that the said fund manager and chief trader were sharing specific trade related information with brokers/middlemen and persons located in certain foreign jurisdictions. These persons in turn, used such information for illicit gains in the share market by trading in such scrips either in their own account or account of their clients.

These persons including family members of the fund manager have admitted in their statements that the unaccounted cash generated from the above operations was routed mainly through Kolkata-based shell entities into their bank accounts.

From these bank accounts, funds have been further diverted into the bank accounts of companies/entities incorporated in India and other low tax jurisdictions. The gleaning of seized evidences has exposed the nexus between the ex-fund manager, middlemen, share brokers, and entry operators, the ministry added. (ANI)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Former co-CEO of Deutsche Bank, Anshu Ja...
'Harnessing four engines of growth, Indi...
CCI approves merger of HDFC Bank, HDFC L...
Allen Career Institute announces the lau...
KSB Limited bags order worth Rs 500 cror...
With guaranteed discounts and gifts wort...
More...
 
INDIA WORLD ASIA
Delhi Police unearths key link of drug n...
Pakistan's warship PNS Taimur to partici...
I-Day: Delhi dips in patriotic ardour, t...
In Lakshadweep, chicken, meat regularly ...
Ashwini Vaishnaw 'flags in' RPF bike ral...
India at 75: Our foreign policy has move...
More...    
 
 Top Stories
UP Banda boat mishap: 12 bodies rec... 
Italian newswire ANSA analled agree... 
Liz Truss leads the race for UK's n... 
Eight injured as gunman opens fire ... 
Jyotiraditya Scindia to lead 'Har G... 
Union Minister Jitendra Singh launc... 
Baloch group targets Pakistani army... 
How Raju Srivastava climbed ladder ...