During their ongoing raids on the Kanpur-based tobacco company Banshidhar Group, officers from the Income Tax (I-T) department have confiscated cash, fancy cars, a watch with diamonds, and pricey jewelry.
In sixteen simultaneous raids throughout Gujarat, Uttar Pradesh, and Delhi, the officials confiscated a diamond-encrusted watch and large sums of cash.
According to an official, the income tax officers visited the home of Shivam Mishra, the son of KK Mishra, the owner of Banshidhar Group, on the second day of the searches. KK Mishra reportedly registered assets of between Rs 25 and Rs 30 crore, but the expensive vehicles he had parked on his property were estimated to be valued between Rs 60 and Rs 70 crore. On Thursday night, the raids at Bansidhar Tobacco Private Limited started. The tobacco industry, which provides raw materials to other businesses, has been accused by the Income Tax Department of widespread tax and GST evasion. As per report his watches worth Rs 12 crores.
Luxury cars were discovered at Mishra's Delhi home on Friday, while the I-T department confiscated cash worth Rs 4.5 crore from locations connected to the company. As for another large tobacco company that purchased raw materials from Bansidhar Tobacco Private Limited, plans are in motion to take legal action.
