Income Tax raids unearth undeclared investments of Rs 300 Crore in Jharkhand coal and hotel businesses

Ranchi: In a two-day-long operation, the Income Tax Department conducted raids at 56 locations in Jharkhand, West Bengal, and Chhattisgarh, targeting coal and hotel businessmen in Dhanbad. The raids, focusing on potential tax evasion, have resulted in the discovery of substantial undisclosed investments totaling Rs 300 crore.

According to the recovered documents, the Deepak Poddar Group has allegedly invested around Rs 200 crore in various hotels and other businesses, while the Anil Goyal Group is said to have funneled approximately Rs 100 crore of undisclosed income into its coal-related ventures. As part of the operation, Rs 3 crore in cash and 12 lockers were seized from the hideouts associated with these business groups.

Immediate action has been taken to halt the operation of the seized lockers, which are filled with crucial documents. These lockers will undergo thorough scrutiny by officials, who will open and examine their contents. Simultaneously, an investigation into documents related to cash transactions found during the raids is underway.

The Income Tax Department remains committed to scrutinizing potential tax evasion and undisclosed investments as it continues its efforts to uphold fiscal transparency.