Another Congressi on IT radar! CBDT raids MP INC MLA Nilay Daga's company

Bhopal, February 22: Uncovering unexplained foreign currency amounting to Rs 44 lakhs and unexplained cash of over Rs 8 crores, the Income Tax department conducted searches on Betul Oil Ltd at Betul and Satna in MP, Mumbai and Solapur in Maharashtra and Kolkata. The company is assumably owned and managed by Congress MLA Nilay Daga.

 

 

While 22 premises of a Betul based Soya products manufacturing group have been seized, 9 bank lockers also belonging to Daga have been taken control to. "The group has also introduced undisclosed income of Rs 90 crore in its books of accounts by way of sale of paper investments in shell companies to another set of shell companies of Kolkata. None of the companies was found to be operational at their shown address and the group could not confirm the identity of such paper companies or any of its Directors", the statement in relation read.

 

 

 

 

During the search, the IT department seems to have noticed bogus loss to the tune of Rs 52 crore has been claimed by the group to suppress their profits, by indulging in intra-group out-of-exchange contract settlement. "Various companies were formed in the name of employees to carry out these transactions, while there was no actual business carried out between them. Directors of these companies were not aware about any such transactions", it added.

 

 

 

Meanwhile, incriminating evidence in the form of digital media such as Laptops, hard drives, pen drives have been found and seized. "From the investigation so far, undisclosed income over Rs. 450 crore has been detected. Further investigations are in progress", the Ministry said.

 

 

Betul Oil in engaged in manufacturing and distribution of de-oiled cakes, animal feeds, solvent extraction, refining of edible oils, specialty ingredients, production and development of hybrid seeds, organic products. It is one of the largest suppliers of soyabean meal to the domestic feed industry and is owned, managed by Nilay Daga, the Congress MLA who was elected from Betul in 2018.

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