Jamshedpur: A six-member team of the income-tax (I-T) department from Ranchi on Friday conducted simultaneous raids at the offices and residence of prominent city businessman Hareram Singh.
The raids were carried out in Mango, Sakchi and Sonari areas by several teams of I-T department. Singh’s Cooperative Bank accounts were sealed and other 18 locations were raided throughout the day, sources said.
Sources informed that the I-T sleuths confiscated several property and investment related documents from the residence and offices of the businessman. The raids started at noon and continued till late evening.
The team is also probing into the business transactions and alleged disproportionate assets of the businessman who has several flourishing business establishments in the steel city, sources said.
The I-T officials have sealed the bank accounts in the name of Hareram Singh opened in the Urban Cooperative Bank, Jamshedpur branch.
Meanwhile, sources said that huge amounts of disproportionate assets were allegedly amassed by the trader in the last several years. The I-T officials are trying to find out the various sources of income and the alleged evasion of tax by Hareram Singh.
They are scanning numerous investment documents and details of business transactions made over the last several years by Hareram Singh through his various businesses and their representatives, sources revealed.
Earlier today, the news of I-T raids spread like wildfire across the city. Rumours made the rounds that the I-T department had conducted simultaneous raids at the locations of several city based businessmen as a part of the government�s campaign to seize black money and book the people who have amassed property disproportionate to their total income.
