Income Tax Department conducts searches in West Bengal, unearths more than Rs 150-crore bogus investments

The Income Tax Department conducted searches on prominent coal traders in West Bengal. Searches were conducted on 5th Nov in Raniganj, Asansol, Purulia, and Kolkata and seized cash and bullion of Rs 7.3 crore.   

 Income Tax got the intelligence that a large scale of unaccounted cash being generated and used for various purposes. Searches conducted by Income Tax led to the seizure of documents indicating that coal traders held bogus investments in unquoted equity shares around ₹150 cr. Out of which assets of ₹ 145 cr already have been sold. Income Tax found these sale transactions were sham, and after confronted with the evidence, coal trader admitted it. 

The searches have also led to the seizure of many incriminating documents showing cash generation in coal and sand trading, sponge iron sales, etc. Documents have also been seized, indicating huge unaccounted expenses for the facilitation of coal transport and various trading activities. 

Home Minister Amit Shah in Bengal

It is noteworthy that Union Home Minister Amit Shah was on a two-day visit to West Bengal to take stock of BJP's preparedness ahead of the 2021 assembly election ending Friday, November 6.  During a closed-door meeting with the party leaders, he said the state party unit has to put up an intense fight against the ruling TMC to come to power in Bengal. He also set a target of winning 200 out of the total 294 seats in the 2021 West Bengal assembly elections, which was turned down by TMC leader and MP Sougata Roy.

This is his first visit to West Bengal after the COVID-19-induced lockdown. He had last visited the state on March 1 amid the anti-Citizenship Amendment Act (CAA) protests.

Sources in the party said Amit Shah asked the BJP workers to speak of the pro-people policies of the Centre and the misrule and anti-people policies of the Mamata Banerjee government in the state.