New Delhi:
After establishing itself as a key participant within the tobacco business, the Banshidhar Firm has come below the radar of Earnings Tax authorities who’re working around the clock to unravel the corporate’s internet of deception. The division at present carried out raids on the residence and workplaces of the corporate’s head KK Mishra.
Banshidhar Tobacco Personal Restricted is a serious participant within the tobacco business and is understood for supplying merchandise to main pan masala teams. Studies counsel that the corporate has a declared earnings of Rs 20 to 25 crore when the precise turnover was pegged at Rs 100-150 crore. The searches to date have revealed a path of clandestine dealings and opulent existence.
In at present’s raids, the company seized a number of costly watches belonging to Shivam Mishra, the scion of the tobacco firm. One of many watches, diamond-studded, is value practically Rs 2.5 crore rupees, sources within the company mentioned.
Seven crore rupees in money, together with jewelry and different property, have additionally been seized, intensifying the scrutiny on the group’s monetary affairs.
The company has already seized a group of luxurious vehicles, all bearing the quantity plate ‘4018’, from Shivam Mishra’s residence in Delhi’s Vasant Vihar.
Fifteen to twenty groups carried out raids throughout 5 states, metaphorically shaking down each tobacco leaf linked to Banshidhar Tobacco Firm, to come upon a treasure trove of luxurious vehicles value a staggering Rs 50 crore; amongst them, a Rolls-Royce Phantom, priced at a cool Rs 16 crore, discovered at Shivam Mishra’s residence in Delhi’s Vasant Vihar.
The raids, being executed with navy precision, reveal an empire constructed on deceit and monetary manipulations. There’s a main hole between the corporate’s declared earnings and the precise turnover and the officers imagine that they hid their cash utilizing offshore accounts and manipulated ledgers, sources mentioned.
KK Mishra, the once-untouchable patriarch, now finds himself entangled in an internet of his personal making. The Banshidhar Tobacco Restricted, as soon as an impenetrable fortress, now stands uncovered, its foundations cracked, and its secrets and techniques laid naked.
