LM NEWS 24
LM NEWS 24

Income Tax Raids At Offices Of Dainik Bhaskar Group

A search is being carried out in the Dainik Bhaskar group offices under the Income Tax Act over allegations of huge tax evasion, government sources said on Thursday.

They said 32 premises, consisting of residential and business premises spread over the cities of Mumbai, Delhi, Bhopal, Indore, Jaipur, Korba, Noida, and Ahmedabad have been covered.
The sources said that search is being done under Section 132 of the Income Tax Act. They said searches have been carried out after analysis of the departmental database, “banking enquiries and other discrete enquiries”.

The sources said the group is involved in various sectors, major being media, power, textiles and real estate, with a group turnover of more than Rs 6000 crore per annum.

They said that the group has more than 100 companies including holding and subsidiary companies. The flagship company is DB Corp Ltd, which publishes the news daily Dainik Bhaskar.

Government sources said there are allegations of huge tax evasion by the group “by claiming bogus expenses and purchases using shell entities”.

The sources said the group has allegedly floated several paper companies for this purpose, with their employees as shareholders and directors.

They said the money “siphoned off in this manner” is routed back into various personal and business investments, in the form of “share premium and foreign investments through Mauritius-based entities.

The main persons of the group are the three brothers – Sudhir Agarwal, Pawan Agarwal and Girish Agarwal.

The coal-based power generation business is carried in the name of DB Power Limited.

The sources said family members’ names also figured in the Panama leaks case. (ANI)

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are essential in order to enable you to move around the website and use its features. Without these cookies basic services cannot be provided.

Cookie generated by applications based on the PHP language. This is a general purpose identifier used to maintain user session variables. It is normally a random generated number, how it is used can be specific to the site, but a good example is maintaining a logged-in status for a user between pages.
  • PHPSESSID

Used on sites built with Wordpress. Tests whether or not the browser has cookies enabled
  • wordpress_test_cookie

In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services
0
Would love your thoughts, please comment.x
()
x