A hefty sum of Rs 2.42 crore in cash was recovered from house of one businessman during a raid by officials of Central Excise and Customs here on Wednesday evening.
The officials conducted raids in as many as five locations of the same businessman who was alleged to have evaded tax.
Sources said a team of 50 officials of the Central Excise and Customs Department under the direction of Commissioner , Rourkela SK Singh conducted raids in as many as five locations, including the house of industrialist Sanjay Bansal, owner of Ambica Iron and Steel Private limited, a rolling mill unit. The raids were conducted in a very confidential manner on Tuesday and Wednesday.
“Cash amount of Rs 2.42 crore was recovered from Bansal’s house, which had been kept in plastic bags,”
said Assistant Commissioner, Preventive, Central
Excise and Customs,
Rourkela Abhisek Agarwal, adding that they were expecting tax evasion of Rs 5 crore by Bansal.
“During examination of the documents of incoming raw materials, production details and sale proceedings, we have found there is clear mismatch in many areas, which establishes tax evasion,” Agarwal informed.