Mail News Service
Ranchi, Jan 30: The Income Tax Department has seized Rs 1.25 crore in cash along with a substantial quantity of jewellery during extensive raids on premises linked to the Baba Group, a major rice trading and processing conglomerate operating in Jharkhand and Bihar.
Officials confirmed on Friday that valuation of the seized jewellery is currently underway.
The searches, conducted by the Investigation Wing of the Income Tax Department, Ranchi, began on January 29 and covered 45 locations across Jharkhand and Bihar. The operation targeted Baba Agro and Baba Food Processing Private Limited, along with premises of commission agents, chartered accountants, accountants, and company directors associated with the group.
On the second day of the coordinated raids, officials recovered cash and jewellery from multiple locations. Of the total amount seized so far, Rs 1.25 crore was recovered from premises linked to Yogesh Sahu, sources said.
During questioning, individuals associated with the group reportedly failed to provide satisfactory explanations regarding the source of the recovered cash.
As a result, the department is treating the amount as undisclosed income, pending further investigation.
Apart from cash and jewellery, officials also recovered documents and loose sheets pointing to unaccounted business transactions.
These documents suggest off-book trading activities, prompting detailed questioning of commission agents and financial professionals connected to the group. Financial records are being scrutinised to verify the scale and nature of the alleged irregularities.
Large quantities of jewellery seized during the raids are being assessed by valuation experts. Further action will be initiated once the valuation process is completed and the sources of acquisition are established.
Simultaneously, the IT Department has begun valuation of the Baba Group’s immovable assets, including land parcels, residential houses, factories and other properties.
Officials said around 10 properties are currently under assessment to determine whether they were acquired using unaccounted funds.
The raids, which entered their second day on Friday, are expected to continue as investigators carry out an in-depth examination of financial documents and assets linked to the group.
