Shady real estate business in name of newspaper: How Dainik Bhaskar group defrauded the govt, details here
Evidence has been found which indicates receipt of on-money in cash, on sale of flats by the realty arm of the group. The same has been confirmed by 2 employees and 1 director of the company.
New Delhi: Income tax raids on Dainik Bhaskar have exposed alleged black hidden business of thousands of crores rupees. IT Department carried out a search operation under section 132 of the Income-tax Act, 1961 on a prominent business group involved in businesses in various sectors, including Media, Power, Textiles and Real Estate, with a group turnover of more than Rs. 6,000 crore per annum.
During the investigation, it has come to light that Cyclical trading and transfer of funds among group companies engaged in unrelated businesses to the tune of Rs. 2,200 crore and inquiries have confirmed that these have been fictitious transactions without any actual movement or delivery of goods.
As per the report, the real estate entity of the group operating a Mall had been sanctioned a term loan of Rs. 597 crore from a nationalised Bank, out of which, an amount of Rs. 408 crore has been diverted to a sister concern as a loan at a low-interest rate of 1%. The group has been claiming expenses of interest from its taxable profit, it has been diverted for personal investments of the holding company.
Dainik Bhaskar a listed media company does barter deals for advertisement revenues, whereby immovable properties are received in lieu of actual payments. Pieces of evidence have been found indicating cash receipts in respect of the subsequent sale of such properties. This is under further examination.
Evidence has been found which indicates receipt of on-money in cash, on sale of flats by the realty arm of the group. The same has been confirmed by 2 employees and 1 director of the company. The modus operandi as well as the corroborating documents have been found. The exact amount of out–of–books cash receipts are being quantified.