LUXURY CARS SEASED IN INDIA
LUXURY CARS SEASED IN INDIA
In a sweeping action that sent shockwaves through the business community, the Income Tax Department on Friday seized assets worth over Rs 64.5 crores from a prominent Kanpur-based tobacco company. The operation unveiled Rs 4.5 crores in cash and an opulent collection of high-end vehicles at the Delhi residence of the business owner, including a Rolls-Royce Phantom, McLaren, Lamborghini, and Ferrari, collectively valued at over 60 crores.
The focus of the investigation is on KK Mishra, widely known as Munna Mishra, whose bank transactions and property records are under scrutiny. Mishra, the proprietor of Banshidhar Tobacco Company, is now at the center of a significant tax and GST evasion probe.
Conducted by 15 to 20 teams across five states including Delhi, Gujarat, and Andhra Pradesh, the raids targeted multiple properties associated with the tobacco magnate. The Income Tax Department accuses the company of engaging in deceptive financial practices, notably issuing fake cheques to various companies listed in its accounts, while continuing to supply products to other suppliers.
This investigation highlights the broader issue of tax evasion within the tobacco industry, which is a crucial supplier of raw materials to other sectors. The Income Tax Department's findings at Mishra's residence also included several expensive motorcycles, with license plate numbers matching those of the seized luxury vehicles, pointing to the lavish lifestyle of the tobacco businessman.
Mishra's business, with a storied history nearing a century and headquartered in Nayaganj, is now under intense scrutiny. These developments mark a significant step by the Income Tax Department in its ongoing efforts to clamp down on tax evasion and ensure compliance with tax laws among India's wealthy and influential business figures.
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