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The IT Department revealed that among the seized items were Rs 14 crore in unaccounted cash and 12 kilograms of gold...
Digital Desk: In a significant operation, the Income Tax department recently conducted a huge raid in Maharashtra’s Nanded, targeting the operations of Sanjay Bhandari Finance. The raid extended to both the offices and residences of the Bhandari brothers, leading to the recovery of assets valued at approximately Rs 170 crore.
According to reports, the raid uncovered substantial unaccounted cash and gold holdings. The IT Department revealed that among the seized items were Rs 14 crore in unaccounted cash and 12 kilograms of gold. The Bhandari brothers are associated with various financial ventures including unlisted chit funds, microfinance, leasing, and gold loan companies.
The operation, conducted on Friday, spanned six locations affiliated with Bhandari Finance and its allied firms. The company and its owners are under investigation for alleged financial irregularities aimed at evading taxes. Sanjay Bhandari established the company in September 2022, operating from Shivaji Nagar, Nanded.
The raids were jointly executed by the Chhatrapati Sambhajinagar and Nashik Income Tax Departments. Notably, Bhandari Buildtech Private Limited, incorporated in October 2022, also came under scrutiny for suspected fraudulent accounting practices.
Approximately 80 tax officials participated in the raids, targeting locations such as the Kokate Complex and Ali Bhai Tower in Shivaji Nagar, Nanded. The seized items included account books, financial records, ledgers, and electronic devices, along with the undisclosed cash and gold holdings.
These revelations highlight the scale of unaccounted transactions and the importance of stringent enforcement measures to combat financial irregularities and tax evasion. The investigation underscores the resolve of authorities to uphold fiscal integrity and transparency in economic activities.
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