Income Tax Raids Unearth ₹1.20 Crore Cash from Rice Millers in Jharkhand and Bihar
The Income Tax (I-T) department has uncovered a significant amount of unaccounted cash during extensive raids targeting two prominent rice millers operating across Jharkhand and Bihar. According to official sources, the operation has led to the seizure of approximately ₹1.20 crore in cash, with investigations revealing potential financial irregularities in their business operations.
Widespread Raids Across Multiple Locations
The raids, initiated by the Ranchi I-T investigation wing on Thursday, continued through Friday across 40 different premises associated with rice millers Yogesh Sahu and Gyan Sahu. The operation targeted not only their company offices but also properties linked to their associates, indicating a comprehensive investigation into their financial dealings.
A massive team consisting of 500 officials, security personnel, and professional valuers was deployed for this large-scale operation. The substantial manpower underscores the seriousness with which authorities are approaching this case involving prominent food grain traders in the region.
Cash Recoveries and Ongoing Assessments
Initial findings reveal that the bulk of the unaccounted cash was discovered from premises belonging to Yogesh Sahu. Additional cash recoveries were made from several other locations, though investigators are still verifying whether these amounts were properly recorded in official cash books as required by law.
Beyond the cash seizures, the operation has uncovered several concerning financial practices. Authorities have identified anomalies in tax deduction at source procedures and discovered that substantial food grain stocks were not being properly accounted for in the company's official books.
Comprehensive Property Valuation Underway
As the investigation progresses, ten professional valuers are currently assessing the worth of various properties seized during the raids. This valuation process includes multiple factories, residential properties, and significant food grain stocks that were discovered during the operation.
The assessment work continued late into Friday evening, with officials working diligently to document and evaluate all seized assets. The thorough nature of this valuation process suggests authorities are building a comprehensive case against the rice millers for potential tax evasion and financial irregularities.
Broader Implications for Regional Business Practices
This high-profile operation against established rice millers in Jharkhand and Bihar sends a strong message about the I-T department's increased vigilance regarding business practices in the food grains trading sector. The scale of the operation and the significant findings indicate that authorities are taking a firm stance against financial non-compliance in this important agricultural industry.
The continuing investigation may have broader implications for how food grain businesses maintain their financial records and comply with tax regulations in the region. As the assessment of properties and stocks continues, further revelations about the extent of financial irregularities may emerge in the coming days.
