Maharashtra: Rs 170 crore-wealth seized in 72-hour tax raids at Nanded finance firms

Unaccounted property worth Rs 170 crore, including Rs 14 crore in cash and 8 kg of gold has been seized by the Income Tax Department after a 72-hour raid at finance firms in Maharashtra’s Nanded in connection with tax evasion. 

The cash and the gold were recovered from the premises of Bhandari Finance and the Adinath Urban Multistate Co-operative Bank. 

According to information, it took officials 14 hours to count the entire amount of the recovered cash.

Owners of the sizable personal finance company in Nanded are Vinay, Sanjay, Ashish, Santosh, Mahavir, and Padam Bhandari, among other siblings.

Hundreds of Income Tax Department officers from Pune, Nashik, Nagpur, Parbhani, Chhatrapati Sambhajinagar, and Nanded collaborated to conduct the raids, which began on May 10 and finished on May 12, in response to tax evasion. 

After arriving in Nanded in 25 private automobiles, the crew stormed the Adinath Urban Multistate Co-operative Bank, three offices in Kokate Complex, an office in Kothari Complex, and the Ali Bhai Tower headquarters of Bhandari Finance Private Limited. 

In addition, private homes in Paras Nagar, Mahavir Society, Farande Nagar, and Kabra Nagar were the target of raids. 

This is the first time Nanded has seen a tax raid of this magnitude. 

Additional action against the accused has been started by the Income Tax Department.