IT raid in Jharkhand: Rs 1.25 crore cash, jewellery recovered from Baba group premises
Ranchi, January 30: The Income Tax Department’s raids on premises linked to the rice trader Baba Group have led to the recovery…
Ranchi, January 30: The Income Tax Department’s raids on premises linked to the rice trader Baba Group have led to the recovery of ₹1.25 crore in cash along with a large quantity of jewellery, officials said on Thursday. The valuation of the seized jewellery is currently underway.
The Investigation Wing of the Income Tax Department, Ranchi, had launched simultaneous raids on January 29 at 45 locations across Jharkhand and Bihar associated with Baba Agro and Baba Food Processing Private Limited. The search operation covers commission agents, chartered accountants, accountants and company directors linked to the Baba Group.
Cash and Jewellery Found on Second Day of Raids
On the second day of the raids, cash and jewellery were recovered from multiple premises. So far, ₹1.25 crore has been seized from locations linked to Yogesh Sahu.
Income Tax officials are questioning concerned individuals to ascertain the source of the recovered cash. As those associated with the group have failed to provide satisfactory explanations, the department is treating the amount as undisclosed income.
ALSO READ: Wife cannot be forced to quit job to save marriage, rules Jharkhand HC
Probe into Unaccounted Business Transactions
Apart from cash, officials have recovered documents indicating business transactions carried out on loose sheets, suggesting unaccounted trade activities. Questioning of commission agents, chartered accountants and accountants is ongoing to verify these transactions and examine financial records.
Valuation of Jewellery and Properties Underway
Large quantities of jewellery were also seized from some premises. Experts have been called in to assess their value. Further action will be taken after the valuation is completed and the sources of the jewellery are established.
The Income Tax Department is also conducting valuation of the Baba Group’s immovable assets, including land, houses, factories and other properties. At present, around 10 properties are under assessment to determine the sources of funds used for their acquisition.
The raids, which began on January 29, are likely to continue for a third day as officials carry on with a detailed examination of financial records and assets.
