In a significant crackdown on tax evasion, the Income Tax department has uncovered illicit financial activities amounting to over ₹100 crore by Banshidhar Tobacco Company and its affiliate firms. Conducting raids across Kanpur, Delhi, and Jhansi, authorities have seized nearly ₹7 crore in cash and a fleet of luxury vehicles, casting a spotlight on potential financial irregularities.
The raids, conducted on Thursday and Friday, have yielded substantial findings implicating Banshidhar Tobacco Company owner KK Mishra in alleged tax evasion schemes. Among the seized assets are a collection of high-end luxury cars including Lamborghini, McLaren, Ferrari, and Rolls Royce, with an estimated value of ₹60 crore.
Authorities are now delving into whether these luxury vehicles were procured through anonymous channels or intentionally omitted from the company’s financial records, raising concerns about the transparency of Banshidhar Tobacco Company’s financial operations.
The revelations from these raids not only expose the magnitude of tax evasion within the tobacco industry but also shed light on broader illicit financial activities in the region. Just in the last two years, similar operations have uncovered staggering tax evasions, including ₹800 crore by the Ghana Ram Group and ₹1500 crore by Radhey Shyam Purshottam Dass jewellers in Kanpur in 2023.
The crackdown underscores the government’s determination to root out financial malpractice and ensure compliance with tax regulations. With each raid unearthing substantial sums of undisclosed wealth, the authorities are sending a clear message that tax evasion will not be tolerated, and those found guilty will face severe consequences.
Sources By Agencies
