Patna: The Income Tax Department on Thursday carried out simultaneous raids at all five locations of Aligarh Locks in Patna after an investigative team found a number of financial infractions to the tune of several crore rupees.
The raid began around 9:00 am at the company's locations in Pirmuhani, Frazer Road, Nageshwar Colony, Karmalichak Bypass, and Agam Kuan where Aligarh Locks either have shops or have warehouses owned by Rakesh Nandan and his family including Piyush Nandan, Krishna Nandan, Sheetal Gupta, and Vinod Kumar Gupta, and continued till late night on Thursday.
The businesses not only involve lock and key sale and repair but also includes residences, warehouses, and management consulting and financial firms.
Reports said the IT sleuths found several incriminating documents during the raids that may spell doom for the family. With their business spread all over the country, officials said accounting books were either fudged or were entirely missing.
With business earning over several crore rupees each year, their income tax returns do not reflect real numbers, said an IT official involved in today's raid.BLOG COMMENTS POWERED BY DISQUS