Assam contractors take crores of loans from bogus companies: IT Department

'BLACK MONEY TURNED WHITE'

STAFF REPORTER

GUWAHATI: The Income Tax (IT) Department, in its recent search-and-survey action, with respect to cases of three leading contractors of Assam has found that the latter took loans to the tune of several crores of rupees from Kolkata-based shell companies (firms that exist only in papers).

The search-and-survey actions were carried out at 14 locations in Delhi, as well as in Guwahati, Silapathar and Pathsala in Assam.

"The main allegations against the three groups (contractors) are that they have taken accommodation entries in the form of non-genuine unsecured loans and also securities premium from dubious Kolkata-based shell companies. The three groups have suppressed their net profits across the years and routed the unaccounted income back into business through entry operators based in Guwahati and Kolkata," said a source in the IT Department.

The Department conducted the search-and-survey actions at the residences of contractors namely Bhagya Kalita, Jugal Kishore Mahanta and Anupam Sarma.

During the course of search actions, it has been established that the shell companies from which loans/ premium had been taken exist only on paper; and have no real business and creditworthiness. The entry operators, on being questioned, have admitted that the unsecured loans/share premium from the shell companies to the groups, are non-genuine and bogus. Evidences of the cash trail of the routing of funds through securities premium were also unearthed during the operation.

It has been established that amounts to the tune of about Rs. 65 crore were routed back into regular books involving shell companies which actually represent the unaccounted income of the mentioned groups. Further investigation is on to detect the actual quantum involved in tax evasion using this modus operandi.

It has been gathered during the search action that one of the groups engages in huge cash transactions in hospitality business of proportions as high as 50%, which is under examination. It has been further gathered that some of the entities of the groups engage in purchases of Jewellery in cash. The source of the cash purchases are under examination.

"Till now, Jewellery to the tune of Rs. 9.79 lakh has been seized. The sources of acquisition of remaining jewellery found exceeding Rs. 2 crore, are under verification. Cash of Rs 2.95 crore has also been seized. Overall, the undisclosed income to the tune of approximately Rs. 100 crore has been unearthed so far during the 'Search and Survey' operation. One locker has been found, which is yet to be operated," added the source.

Further investigations are under progress.

Also Read: Centre's festive gift: Guidelines for interest waiver on loans issued

Also Watch: Himanta Biswa Sarma Addressing Press at Janata Bhawan (Assam Secretariat), Guwahati