The IT search within the mosquito web manufacturing unit in Karur continues

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The income tax department conducted searches on the fourth day of Monday on the premises of Shobikaa Impex, a mosquito net manufacturing facility.

Based on news that the company was engaged in significant tax evasion, the search was conducted on approximately 20 premises, including apartment buildings, factory premises and offices of the company.

Without naming the company, a press release issued by the Treasury Department (Central Board of Direct Taxes) on Sunday said the search in a Tier III city in Tamil Nadu resulted in the seizure of unrecorded cash of 32 , £ 6 billion and about £ 10 kg of gold jewelry carried. The undisclosed income of the company and its sponsors was estimated at approximately £ 435 million, the news release said.

The main result of the measure was that the company had systematically increased its spending with forged or fabricated invoices. By posting such non-existent expenses in its books, the company and its sponsors had stifled the company’s true income over the years, the news release said.

The company paid those bogus costs by check or RTGS and then got the money back. The unrecognized income thus generated was used by the company’s promoters to invest in real estate by making unrecognized payments, further investments in the business itself as share capital, as well as in time deposits, cash and other valuables, the press release said.

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