IT raids continue in Jamshedpur for third day, uncover over Rs 200 Crores in irregularities

Mail News Service

Jamshedpur, Oct 27: The Income Tax Department’s extensive raids in Jamshedpur have entered their third day, revealing significant irregularities exceeding Rs 200 crores. The investigations have targeted several prominent local businessmen, including Sanjay Bhalotia, Raju Bhalotia, Sanjay Palsania, and Jeetu Garg, with additional scrutiny on Sharad Poddar and his associates.

The operation, which began in key areas such as CH Area, Bistupur, Jugsalai, and Adityapur, has involved a meticulous examination of business transactions and assets. A specialized team from Bengaluru and Hyderabad has been brought in to analyse the mobile phones of the targeted businessmen. This expert group is tasked with preparing a comprehensive report on their findings, focusing on cash exchanges and other suspicious activities.

So far, the investigation has uncovered investments made through fictitious companies, raising serious questions about the legitimacy of these operations. While the Income Tax Department has not disclosed specifics about the findings, the collaboration with the Enforcement Directorate indicates the gravity of the situation. Authorities have sealed two offices of Tiwari Bechar in Bistupur as part of the ongoing probe, and the staff members of various businesses are being summoned for questioning.

The raids have already yielded substantial recoveries, including significant amounts of jewellery and the sealing of numerous bank lockers. On the second day of the operation, investigators detected transactions amounting to Rs 100 crores related to jewellery and other movable and immovable assets at several steel business locations in Jamshedpur.

The Income Tax Department’s operations have been thorough, targeting around 15 locations linked to key figures in the local steel and ingot industries. As the investigation continues, many white-collar businessmen may find themselves embroiled in the expanding inquiry, which is poised to reveal further details about the extent of financial misconduct in the region.