IT raids on rice traders in Jharkhand enter third day; ₹4.50 crore seized
Ranchi, Jan 31: Raids conducted by the Income Tax Department’s investigation wing on the premises of rice traders continued for the third…
Ranchi, Jan 31: Raids conducted by the Income Tax Department’s investigation wing on the premises of rice traders continued for the third consecutive day on Friday. The searches, which began on January 29, are being carried out at multiple locations linked to rice trading businesses operating across states.
After examining the responses of the concerned individuals regarding the seized cash and reviewing details related to the source of the money, the Income Tax Department seized a total of ₹4.50 crore.
Of this amount, ₹2 crore was seized from the premises of commission agents associated with the Baba Group, while the remaining ₹2.50 crore was recovered from premises linked to Baba Agro Food and Baba Food Processing.
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Jewellery and property valuation underway
The valuation and verification of jewellery seized during the raids are currently in progress. In addition, the department is assessing the value of 10 immovable properties, including the Baba Group’s factory, land parcels, and residential houses that fall under the scope of the investigation.
Informal trade documents under scrutiny
Officials are also examining documents related to informal or unaccounted trade transactions recovered during the raids. The total value of the business conducted through these documents has not yet been determined. A clearer picture is expected after a detailed analysis of the seized records.
Sources said the searches are ongoing and may continue further as the investigation progresses. More details are expected once the verification and valuation process is completed.
