IT raids uncover ₹100 cr in undisclosed assets from Baba group rice traders in Ranchi
Ranchi, February 2: The Income Tax Department has uncovered around ₹100 crore worth of undisclosed assets during ongoing raids at the premises…
Ranchi, February 2: The Income Tax Department has uncovered around ₹100 crore worth of undisclosed assets during ongoing raids at the premises of the Baba Group and its associated rice traders in Ranchi. The search operation, which began on January 29, continued for the fifth consecutive day.
According to officials, the seized assets include ₹50 crore worth of unaccounted rice stock, ₹15 crore in jewellery, ₹5 crore in cash, and a ₹25 crore discrepancy in property valuation.
Baba Group’s Presence in Jharkhand Rice Trade
The Baba Group, widely known in trade circles as the “Rice King”, is a major rice milling and trading entity in Jharkhand. The group operates companies such as Baba Agro and Baba Food Processing and has strong links with commission agents involved in rice procurement, storage, and distribution across the state.
Given its large market presence, the group has previously remained under the scanner for alleged irregularities related to stock declaration and financial disclosures.
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Search Operations Cover Firms and Commission Agents
Income Tax officials said the raids include Baba Agro, Baba Food Processing, and 15 rice commission agents connected to the group. During physical verification, officials found unaccounted rice stock valued at ₹50 crore, which was not recorded in the books of accounts.
Jewellery, Cash Seized; Property Valuation Mismatch
Officials seized ₹10 crore worth of jewellery on the fourth day of the operation. Further searches raised the total jewellery seizure to ₹15 crore.
Additionally, ₹5 crore in cash has been recovered so far.
Property evaluations have revealed a ₹25 crore mismatch between declared and actual asset values, pointing to possible under-reporting of wealth.
Forensic Audit and Hawala Links Under Investigation
The Income Tax Department is conducting a forensic audit using advanced digital and scientific tools to trace concealed transactions. Authorities are also examining mobile phone data seized from commission agents, which allegedly contains information related to hawala operators.
Officials said the investigation is ongoing and further findings may emerge in the coming days.
