IT seizes Rs 30 crore in cash-jewellery from two chemical companies in Vadodara, also found to be in Dubai | IT seizes Rs 30 crore in cash-jewellery from two chemical companies in Vadodara, found to be in Dubai too

As many as 7 places including two chemical companies, offices and residences of directors were raided by the Income Tax Department in Vadodara. During the raid operation, it has been learned that more than 30 crores of cash and jewelery and around 40 bank lockers have been seized and investigations have been started.

There were raids three days ago
It is to be noted that the income tax department raided Prakash Chemical and Kutch Chemical Company in the city two days ago. The Income Tax Department has raided the offices of the chemical company near Gorwa, Gotri Harinagar Water Tank in the city, chemical manufacturing units at Gorwa BIDC, Panoli GIDC and Nandeshari along with residences of directors of the companies. The Income Tax Department conducted mass raids on as many places.

Unaccounted black money found
The Income Tax Department conducted the raid with the help of the local police. Some objectionable documents have been seized by the Income Tax Department and investigation is being conducted. Besides, investigation of bank accounts has started. Along with that, the Income Tax Department teams started investigation by obtaining information including chemical production and sales in the company. During the investigation, the Income Tax Department seized 30 crores in cash-jewellery. Besides, about 40 bank lockers were seized. It has been learned that these bank lockers will be opened and inspected in phases.

Checking accounts of family members
A probe into the documents seized from the companies by the Income Tax Department has revealed that one of the two companies had chemicals found in Dubai. IT to include this company in the tax. It is learned that the department has initiated action.

Crores of black money will come out
In Vadodara today, the manufacturing plants, offices and residences of the directors of two chemical companies were raided in 7 places and the city was in a frenzy. During the raid, the chances of getting unaccounted black money of crores of rupees are being served. 30 crore cash and jewelery have been found in the preliminary investigation. Investigation of the 40 seized bank accounts is likely to unearth unaccounted black money.