launched search and seizure operations on three significant Commission agent organisations located in Punjab, encompassing several premises throughout Punjab and Haryana.
Apart from the business of Commission Agents, these organisations also run Steel Rolling Mills, cold storage, General Mills, Jewellery Shops, Poultries, Rice Mills, Oil Mills, and Flour Mills.
The search found that these Groups are concealing their business receipts and exaggerating their costs. They also fail to account for the majority of cash receipts and payments. Furthermore, various documents demonstrating cash payments for on-money in the acquisition of immovable assets have been found and confiscated.
It was discovered in one of the groups that purchases of fruits were made at a cheap cost during the harvest time, but sales were made at a very high rate when the items were stored in cold storage. Similar tactics have been observed in other Groups.
Accounting records (Kacha Khata Bahi) in the Laddo script have been found, revealing significant unexplained transactions worth crores. These books of account are being decoded with the assistance of a specialist. Parallel sets of books of accounts for some of the commercial enterprises have also been discovered, revealing concealment of gross business receipts in the millions of rupees on a yearly basis.
A disparity in completed goods stock has been discovered at Steel Rolling Mills, and stock-taking of raw material (scrap) is currently ongoing. More than Rs.25 lakh in unaccounted finished products stock has yet to be sorted out.
Unaccounted investment in immovable property of Rs. 3.40 crore has been discovered and acknowledged by the owners of the properties searched.
The search is still ongoing, and more investigations are being conducted. Information is provided by the Official Press Release
by the Ministry Of Finance